14 December 1990 Ministerial Correspondence 903544 F - Gifts of Cultural Property

By services, 18 January, 2022
Official title
Gifts of Cultural Property
Language
French
CRA tags
n/a
Document number
Citation name
903544
Severed letter type
Ministerial Correspondence
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
633928
Extra import data
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Main text
Movable Cultural Property
Cultural Industries
Communications Canada 903544
Journal Tower North Bill Guglich
300 Slater Street (613) 957-2102
Ottawa, Ontario
K1A 0C8

Attention: Mary-Lou Simac

December 14, 1990

Dear Sirs:

Re:  Gifts of Cultural Property  24(1)

We have reviewed the comments relating to the provisions of the Income Tax Act, in the 24(1) dated November 19, 1990.

The only suggestion we have is that consideration be given to include a comment that if the certified cultural property donated is a trading asset such as inventory the gain (the amount by which the fair market value exceeds the cost) must be included in the donor's income. Please refer to paragraph 10 of IT-407R3.

We trust this will be of assistance to you.

Yours truly,

for DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch