By Cris Best ( May 27, 2024, 2:44 PM EDT) -- In late December 2023, the Tax Court of Canada handed down a lengthy judgment focused on the application of the general anti-avoidance rule (GAAR). GAAR decisions are relatively few and in Madison Pacific Properties Inc. v. The King, 2023 TCC 180 (Madison) the Tax Court provides further clarification regarding its application. This includes an analysis of a restriction on the deduction of unutilized financial losses and the related concept of acquisition of control....