• Assumed Obligations Embedded in Property Not Included in Vendor’s Proceeds, Supreme Court of Canada Finds in Daishowa Case
  • June 5, 2013 | Authors: Kim Maguire; Steve Suarez
  • Law Firms: Borden Ladner Gervais LLP - Vancouver Office ; Borden Ladner Gervais LLP - Toronto Office
  • On May 23, 2013, the Supreme Court of Canada (“SCC”) released its decision in Daishowa-Marubeni International Ltd. v. The Queen (2013 SCC 29). This case has been followed closely by the tax community since it concerns an issue of fundamental commercial importance: the tax treatment of liabilities and obligations assumed by a purchaser that relate to the asset being sold.