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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 16, 1972, Lethbridge, Alberta LB THE IFIHBRIDGE HERAID Ffiday, June io, quotations Vancouver Calgory ll by Dolicrly. McCuoig Limited) LAST BID OK SALE s.m. QuotejJ a.m. Quotes) a.m. WESTERN OILS Hugh Russell 29.35 Mutual Ac i.SO Almfnex 5.35 Husky Oil Aflulual Gr F j.5? 607 A la- East Gas 6.65 Husky Oil B -13.00 Nat Res 7.U 7.84 Asamera 17.7S Husky Oil War J.OO N W Fin Ashland 11.62W tnter Prov P pe 14.50 N W Gr BP Oil Gas 5. IS Inter Prov Steet 17.50 I'rTnclpal Gr 5.16 S.6f Can Soulh Kahcr Res 3.M Roylund 6.67 6.94 Cdn Ex Gas 3.55 Pacific Pele Temp Gr 7.14 7.80 Cdn Homeslrf Rainier 6 75 Unifed Ac 5.J9 (.03 Cdn Ind Gas Oil 10.50 Teledyne Universal Sav 8.12 8.97 Ctfn Super West Cdn Seed 6.50 Vanguard 10.16 11.13 Cdn Long Is .55 While Yukon 12.00 Cmnw Vent 7.71 B.47 Charter J.50 WesHfelrt '-31 VANCOUVER Chief Fan 8. JO CALGARY MINES )ome Pete 41.00 Ac roll .50 Aflon 1T.3! G Plains 30.50 Darcns Oil -03Vj Bath Norse .95 Gt Ctfn Oil 6 15 Madison .17 Brcnda 5.00 Lcchiel North Cent -02 Brycon 'Jorlh Cdn Oil 5.10 West Warner .42 ChurchiU Copper .AS Numac 14.75 PIPE LINE STOCKS Croyden 11 Panctfn Pete Alia Gas A 53.50 Davenport 1.92 Pan Ocean 11.50 Alia Gas Pfd 7I.5O Dankoe- .78 Petrel 1.20 Alia Nat Gas 20.7S Dtlly VarcJen .38 3innac1e .43 Inland Nat Gas 1 6.37 'A Dynasty 10.25 ?lace Gas .90 N and C Gas 12.75 Equitcria! 35 Ponder .SB H and C B Pfd 26.00 Fort ReMance .-12 Ranger 1B.25 Pacific Trans 13.03 Giant Mascot 5.C5 Scurry Rain 15-f) rat Metro Granisle 8.60 Spooner .63 Trans Cda Pipe JJ.01 Lornox g.JS SDlbens 10.25 Trans Cda B 40.75 Lyltcn Minerals 2.15 Total Pete 6.5S Cda A 8200 Primer Every once in a while the Ca-ladian tax courls ci e 1 i v e r much-needed lessons in business morality. On one occasion, the tax ap-ieal board gently slapped the vrists of acompany that laimed certain gifts to chari-ios in excess of the deductable imits should be allowed as o t io n a 1 expenses, because making these "charitable" con-ributions was good for business." The board delivered a solemn eclure to the taxpayer, full of 3iblical quotations, reminding lim of the tnie nature of cfiar-ly. In good conscience the board couldn't accept a in busi ble deduction wlicre there had been no real charitable Intent. On another occasion, the taxpayer's dilemma was mainly Because of the meat. The taxpayer was an Ontario meat wholesaler. In the period rom 1902 to 1964, he claimed deduction from income of about to cover under-the-table cash payments he allegedly made to meat buyers and chefs of restaurants he supplied. Naturally there were no receipts. Here's how it worked. According to the evidence, the supplier had more than 40 hotels and restaurants he called on regularly. Each year the chefs and buyers would be given mo new bills at Christmas, In he hope that this would influence them in keeping their company's business with the taxpayer. He testified that this was necessary in order to keep him competitive. CHEFS REWARDED On top of that, he rewarded about a half-dozen restaurant chefs who would supply him with vital informaloin. For a dckback pro rala to business received, they'd tell him what ils competition was quoting so te could meet the price. So much lor Iree enterprise. The arrangement was that if ic met the lowerst price per standard cut of meat, the chef would recommend that his bid is accepted. Then the chef would get a cash payoff equal to one per cent of each month's purchases from the taxpayer's company. Naturally all payments were in cash and for obvious reason, again no receipts. Not unexpectedly, the taxpayer's business flourished. Lest one be tempted to turn in all his credit cards and return to the noisy family dinner table, there was a brighter side. The taxpayer assured the court that there was always a gentlemen's agreement b e t w ee n payoffer and payoffee that notwithstanding this unseemly arrangement, the quality of supplies would not suffer. And if this assurance weren't enough to establish the honor of this practice, the court was offered ample evidence of the taxpayer's integrity when he refused to identify the recipients of his bounty. He explained that no lists were kept because "if the owners (of the restaurants) knew of such things, you would be out of business. To show why he couldn't possibly keep records of these outlays, the taxpayer's chief witness revealed how in one case he'd lost a substantial customer because the chef had been so eager to qualify for larger kickbacks, he began ordering meat far in excess of his employers' requirements. The chef was dismissed, and the taxpayer losl a valued customer. NO RECEIPTS After digesting this abbreviated version of "how to succeed in business without really the court turned its attention to a number of unsupported expenses the taxpayer claimed had been realized in entertaining potential customers. Again, no receipts. On top of that, the taxpayer had attempted to claim travelling expenses as Here, too, there weren't receipts or other evidence of the business nature of the alleged expenditure. The minister of national revenue unceremoniously refused to allow any of these items as valid business expenses other lhan 50 per cent of the alleged travelling costs. Before running up the flag for morality in tax law, it must be said that the revenue department's action was taken not because of the impropriety of the expenses, but rather, because Ihe taxpayer couldnt' prove they'd actually been laid out. The tax office has never presumed to be anyone's conscience and the law is quite clear, to the surprise of many, that illicit payments, bribes, payoffs and the like are quite permissible tax deductions, if one can prove he's made them. This principle has been restated in many cases to support de-ductibility of payments by prostitutes to procurers, lobbyists to politicians, suppliers to buyers and the like. The only test the law applies is: Were the payments really made, were they necessary oi earn income for the taxpayer, and were the amounts reasonable in relation to the income earned? In this case, W. 0. Davis rendered the board's judgment. He ruled that where any deduction is claimed it must be supported by a voucher or receipt. When this can't be produced, then disregarding the propriety of the payment, which is irrelevant in tax law, the onus is heavy upon the taxpayer to prove in some objective fashion that the payments were actually made. After that it becomes a question of whether or not and to what extent the amount paid s reasonable. Only the reasonable amount is deductible. In this case, the board ruled that no deduction was allowable. Mr. Davis made the point that because the taxpayer did his business in a dubious way, he could not expect his word to be taken at face value without any external corroborating evidence. Mr. Davis Is to be admired for his restraint. The kickback is one of the most insidious ornaments of the business world. One can't help wondering why something that's a blot on the entire system should be blessed with tax deducibility even when it is properly proved. In this case justice and the law, often strangers, were happily united. (Mr. Asper is a Winnipeg Decline b upward t TORONTO (CP) Prices on the Toronto stock market were mixed to fractionally lower in moderate mid-morning trading today. The decline interrupted four consecutive advancing sessions. The industrial index was down .26 to 209.54. Golds were up .14 to 209.W, base metals .56 to 96.32 and western oils .25 to 236.19. Volume by 11 a.m. was shares, down from at Ihe same time Tliurs-dav. Banking, industrial jnining, oil refining, general manufacturing and steel stocks moved moderately lower while communication, pipeline, merchandising, food processing and chemical issues scored gains. Dome Pete dropped 1 to Sherritt to Imperial Oil to Murritt Photofax to and Asbestos Corp. Vt to Canadian Tire A was .down ft to Seagrams Vt to Falconbridge Vz to General Distributors Vs to ?275s and General Motors 1 to Kelsev-Hayes rose 'A to Pacific'Pete Vj to tt, rend ?s to Thomson Newspapers to Placer Hi to 41% and Pan Ocean Vi Io MONTR EAI, MONTREAL (CP) Prices ased back today in light trad-ng after a week of impressive advances on tlie Montreal stock market. Industrials declined .31 to 19.87, banks .54 to 24S.99 and the composite .21 to 21.33 while utilities were up .25 to 164.37 and papers .06 to 87.20. Combined volume on the tlontreal and Canadian stock exchanges was shares at 11 a.m., compared with at the same time Thursday. Metropolitan Stores rose o Andres Wines Ks to -Rapid Data lis to W, 'acilic Petroleum to Premitr Cablevision K to and Quebec Telephone li to Falconbridge Nickel was off 1VERINTENDENT hove experience in highwoy ch as: aggregate value MONTREAL (CP) U.S. dollar in terms of Canadian funds up 1-16 to 0-16 today. Pound sterling down Ta to Key locks radio close Thursday. Jly 37.40N; Scp Box No. brocket. AFC stops fadi Reg. volume: SU ;