Canadian Tax Foundation Regional Student-Paper Awards

Papers must be written as a requirement of a taxrelated course, including directed research courses, and can address any aspect of the Canadian tax system, including comparative analyses, tax policy, tax compliance, tax planning, and tax system design. ABSTRACT This text deals with the considerations taken into account by the courts in determining the fair market value of shares. Since the judge has full discretion in this area, this involves reviewing the most frequently raised legal factors to understand the trends and provide some predictability for practitioners in this type of case. The analysis of the court's findings with respect to the concept of fair value will be relevant to the latent tax discount, the effect of a contractual obligation, and the retrospective review that will be examined in the second section with regard to the concept of fair market value. [...]I present exceptions to the general principle that make the use of evidence retrospectively inadmissible with some recent cases where this has been applied.