Supreme Court decides it won’t review earlier rulings on art flips; CRA now expected to move aggressively

By Stewart Lewis | May 2006

The cases were brought by Cademon Nash, Barbara Quinn and Susan Tolley on behalf of 1,850 taxpayers involved in an art-flip donation program run by Toronto-based CVI Art Management Inc.

The Nash plaintiffs won in Tax Court. The judge accepted the appraiser’s opinion on FMV. She used a market-comparison approach — contacting dealers, galleries, publishers — to value each piece before coming up with the FMV of the art bought and donated by each of the three taxpayers. IE