- Supreme Court of Canada ruling in Daishowa-Marubeni: Tax treatment of reforestation obligations on sale of forestry assets.
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- August 14, 2012 legislative proposals released as consultation draft
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* First published by the Canadian Tax Foundation in the International Tax Planning feature (2012) 60:1 Canadian Tax Journal 149-68
** Awarded the 2007 Douglas J. Sherbaniuk Distinguished Writing Award by the Canadian Tax Foundation
** Awarded the 2007 Douglas J. Sherbaniuk Distinguished Writing Award by the Canadian Tax Foundation
- Supreme Court of Canada ruling in Daishowa-Marubeni: Tax treatment of reforestation obligations on sale of forestry assets.
Congratulations to John Saunders, a partner in Wilson and Partners LLP, a law firm affiliated with PricewaterhouseCoopers LLP. John successfully argued Daishowa-Marubeni International Ltd. v. The Queen (DMI) in the Supreme Court of Canada (SCC). The SCC released its unanimous decision on May 23, 2013.
The decision held that no amount was includible in DMI’s sale proceeds for forest tenures (i.e. the right to harvest timber on land) as a result of two purchasers having assumed DMI’s future obligations to reforest the land on which it had previously harvested trees. This is an important and positive decision for the forestry, mining, pipeline and petroleum industries, where it is common that a purchaser of forestry or oil producing assets must assume reforestation or reclamation obligations. The SCC held that the future costs were ‘embedded’ in the transferred assets, were not distinct existing liabilities and thus were not includible in the sale proceeds.
Contacts:
Elizabeth Johnson
John Saunders
David Glicksman
Jim Briggs
View the Supreme Court of Canada's decision on the Daishowa-Marubeni case.
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Wilson & Partners LLP, a law firm affiliated with PricewaterhouseCoopers LLP, an Ontario limited liability partnership
Copyright © 2011 Wilson & Partners LLP
Copyright © 2011 Wilson & Partners LLP