2011 Ruling 2011-0408781R3 - Partition of Property - Land and Buildings -- summary under Subsection 248(21)

A rental property comprised of land and three buildings, is beneficially owned by three co-owners, holding their interests as capital property. S. 248(21) ruling given (based inter alia on the FMV test being satisfied) respecting the subdivision and partition of the property so that Property 1 and Property 2 (representing XX% of the FMV of the Project at that time) are held under one new title and co-owned by two of the former co-owners; and Property 3 (representing XX% of the FMV of the Project at that time) is held under a separate new title by the third former co-owner.