A public corporation acquires such works of art from foreign artists, for example, paintings that are used to decorate the boardroom in a director's office, where clients are not received). Are the works capital property that cannot be depreciated? After noting that the works would not be listed personal property, CRA stated:
In general, a painting by a foreign artist that has a cost to the corporation of not less than $200 and is not listed personal property would then be considered to be capital property that is not depreciable because of ITR paragraph 1102(1)(e).
… Our response would remain the same in the case of a painting located in the office of a director who does not receive clients in that office … .