24 February 2012 External T.I. 2011-0413311E5 F - Bien agricole admissible -- summary under Qualified Farm or Fishing Property

Father acquired a woodlot and a building in 1977 and thereafter leased it to his son who used it as part of his farming business. In 1994, Father made an election under s. 110.6(19) respecting the woodlot and building. Father sold the property to his son in 2011. CRA found that the woodlot sale to son likely qualified provided it satisfied the IT-373R2 criteria for farm v. logging operation and the gross revenue test in s. 110.6(1.3)(b) was satisfied.