07:19 AM EST, 01/28/2025 (MT Newswires) -- Madison Pacific Properties ( MDPCF ) overnight Monday said the Federal Court has dismissed its parent company's $6.6 million tax reassessments appeal after the Canada Revenue Agency and Alberta Tax and Revenue Administration denied it the use of certain deductions and investment tax credits.

The parent company is assessing whether to appeal the decision.

In 2023, the Tax Court of Canada (TCC) found in favour of the CRA's position, denying the parent company of Madison Pacific the use of carryforward losses for certain taxation years. Additional taxes payable, plus estimated interest and awarded legal costs totalled $6.6 million, of which $6.1 million has been paid, the company said.