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  • Hardship



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    The Commissioner of Taxation has a discretion to disregard a failure to make a minimum yearly repayment.

    He also has a discretion to exclude a forgiven debt from being treated as a dividend. Finally, the Commissioner has the power to disregard the creation of a present liability under a guarantee provided by the private company to an entity other than a private company.

    Last modified: 27 Jul 2004QC 27473