Despite the many technical pitfalls in the reorganization provisions of the Income Tax Act, cases involving those provisions do not often come before the Tax Court. Husky Oil Limited v. The Queen, 2009 TCC 118, is one such case that deals with whether subsection 87(4) applied to an amalgamation. The facts of the case defy easy summary and comprehension. In the result, the Court held that the rollover in 87(4) didn’t apply because the amalgamation conferred a benefit on one of its parties.
