The appellants appealed a trial judgment that determined the equalization payment required to separate a family business under a consent order.
The Divisional Court upheld the trial judge's findings on the valuation of the businesses, the tax treatment of parked debt under the Income Tax Act, and the scope of the issues tried.
However, the court allowed the appeal in part, finding the trial judge misapprehended evidence regarding an agreement to pay interest on unequal shareholder loans, resulting in a $108,500 credit to the appellants.
