Nash Quinn & Tolley v. Queen
On November 21, 2005 the Federal Court of Appeal ruled in favour of CRA (Canada Revenue Agency) and against the taxpayer Nash Tolley and Quinn and reduced the Fair Market Value of the property which was donated as part of their prior participation in a Gift in Kind Donation Program.

Originally, Nash Tolley and Quinn went to the Tax Court of Canada and had won against the original reassessment. CRA had then appealed that decision and went to the Federal Court of Appeal on September 12, 2005.

The final decision had reduced the donated Fair Market Value down to the original purchase price.

The average reduction was reduced from an average Fair Market Value of $26,190.00 down to an average purchase price of $4,446.00. This is an approximate reduction of 68%. This decision is FINAL. Now every reassessed participant who participated along with Nash Tolley and Quinn in the "buy low donate high" donation program will have to pay to CRA significant additional taxes and interest thereon

Klotz v. Queen
On August 17, 2004 the Tax Court of Canada ruled in favour of CRA (Canada Revenue Agency) and against the taxpayer Klotz and reduced the Fair Market Value of the property he donated as part of his prior participation in a Gift in Kind Donation Program.

Klotz appealed the decision and on May 2, 2005 the case went before the Federal Court of Appeal and on that date the Federal Court of Appeal dismissed his appeal with cost. As a result of this dismissal the unfavorable decision dated August 17, 2004 that reduced the fair market value of Klotz's charitable donation from $258,000 to $75,000 is now FINAL. Now every reassessed participant who participated along with Klotz in the "buy low donate high" donation program will have to pay to CRA significant additional taxes and interest thereon.

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