1 November 1991 External T.I. 91M11290 F - Inventory Write-down - Single Venture

By services, 18 January, 2022
Official title
Inventory Write-down - Single Venture
Language
French
Document number
Citation name
91M11290
Severed letter type
Technical Interpretation - External
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
631889
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1991-11-01 07:00:00",
"field_tags": []
}
Main text

QUESTION 49 - INVENTORY WRITE-DOWN - SINGLE VENTURE

QUESTION

In light of the recent decision in Weatherhead v. M.N.R. 90 DTC 1398, what is Revenue Canada's assessing position with respect to an inventory write-down to fair market value on property held as an adventure in the nature of trade?

ANSWER

The Department has appealed the decision in the Weatherhead case to The Federal Court - Trial Division.  Pending a decision by the court the Department's position remains unchanged that a taxpayer is not entitled to an inventory write-down to fair market value on property held as an adventure in the nature of trade.

CANADIAN TAX FOUNDATION - TORONTO CONFERENCE

November, 1991Bill GuglichSection 23Question 49