The complainant`s sellers entered into a contract of sale under which the complainant was to sell his subsidiary to another company. The buyer did not want certain shares and securities to be held by the complainant and their value was not taken into account in the price negotiations. Prior to the sale, the complainant distributed the unwanted assets to shareholders and declared the distribution as a dividend. The respondent Internal Revenue Service (IRS) asserted that the distribution was a gain from the sale, and the district court agreed. The tribunal concluded that the assets had not actually been purchased and therefore could not be considered sold because the value of the unwanted assets had not been negotiated or paid. The court concluded that the distribution was a dividend. The court overturned and rescinded the previous decision. In the first hour of Home Court, Meghan, Duane and Josh discuss Delon Wright`s return from injury, Vince Carter`s return to the ACC and are joined by basketball insider Matt Devlin. TSN basketball analyst Jack Armstrong talks about the team`s injuries and the areas where the team still needs to develop. In the first hour, Meghan McPeak, Duane Watson and Josh Lewenberg will be joined by Kyle Lowry and TSN basketball insider Jack Armsrtong. The fact that a dividend may have a secondary tax effect on the taxpayer without paying more does not require that the treatment of dividends be ignored.
In the first hour of Home Court, Meghan, Duane and Josh talk about the Raptors` upcoming 4 games, DeMar DeRozan`s dominance and the keys to Jonas Valanciunas` success with Jack Armstrong. In the final hour of the Home Court, Kayla, Duane and Josh will be joined by NBC Washington Wizards Beat writer Chase Hughes and Canada Basketball President and CEO Michelle O`Keefe. In the final hour of the court, Meghan, Duane and Josh talk about how the Thunder have played a role lately and have finally met the expectations of Andrew Wiggins to fit into the Minnesota roster and Shai Alexander to be considered the best player in Kentucky. Basketball insider Matt Devlin talks about the Raptors` success and Norman Powell`s inconsistencies. Should assets distributed by its subsidiary immediately prior to the sale of the entire capital stock of that subsidiary to a corporation be treated as dividends for federal income tax purposes? Meghan McPeak, Duane Watson and Josh Lewenberg host Home Court: their weekly look at the Toronto Raptors, Canada`s top players south of the border and the stars of the Greater Toronto Area`s high school future. Saturdays from 1 p.m. to 3 p.m., with input from TSN analyst Jack Armstrong. Adam Mares of denverstiffs.com discusses the creation of Jamal Murray and Trey Lyles for the Denver Nuggets.