The appellant corporation appealed a GST reassessment related to the sale of two vacant lots to the children of its controlling shareholder.
The Minister assessed the fair market value of the lots at $94,290 and $92,443, while the appellant argued the $35,000 sale price was the fair market value because servicing costs were not included.
The Tax Court of Canada allowed the appeal in part, determining the fair market value of each lot to be $90,000 based on comparable sales by the appellant, and referred the matter back to the Minister for reassessment on that basis.
