14 December 2000 Internal T.I. 2000-0057927 F - Bénéfices relatifs à des ressources -- summary under Subsection 1204(1)

In finding that the accounting gain recognized by the taxpayer (who has no taxable capital gain or recapture) on the sale of residences was not included in gross resource profits, the Directorate indicated that Reg. 1204(1) expressly provides that the income or loss referred to therein is to be computed in accordance with the Act.