Glencore Asks Canada Court Not to Tax Millions in Takeover Fees

Global mining giant Glencore plc asked a Canadian court to remove C$101.5 million ($74 million) from its income tax bill on Wednesday, arguing the money did not come from ordinary, day-to-day business and can’t be considered regular revenue.

The disputed amount came from an “extraordinary” source—a failed attempt to buy one of the world’s largest nickel deposits—and the Federal Court of Appeal should instead re-classify it as non-taxable capital receipts, lawyers for Switzerland-based Glencore’s subsidiary, Glencore Canada Corp., told the court.

“Not every receipt related to a business is necessarily income to that ...