4 February 1992 Administrative Letter 9203246 F - Part X.I Tax on Overcntributions to a RRSP

By services, 7 July, 2022
Official title
Part X.I Tax on Overcntributions to a RRSP
Language
French
CRA tags
54 proceeds of disposition, 110.1, 118.1
Document number
Citation name
9203246
Severed letter type
Administrative Letter
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
649394
Extra import data
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Main text

SUBJECT     APPRAISALS-ART WORKS AND COLLECTIONS

     MR. READ'S OFFICE

     SECTION CHIEF

     AUTHOR

     RESEARCH

     CORPORATE CASE FILE

       OR SUBJECT FILE

     

MEMORANDUM FOR MR. DENIS LEFEBVRE

SUBJECT:  APPRAISALS

This is concerning the enquiry from 24(1) regarding 19(1) painting collection and the method used by this Department in valuing such collections.

Mrs. H. Finn of the appraisal section of the Audit Application Division confirmed that appraisals of art and painting collections are made on piece by piece basis.  Each painting or work of art in a collection is appraised at its current fairmarket value with little or no consideration given to premiums or discounts. 

A subsequent telephone conversation with David Walden of the Canadian Cultural Property Export Review Board ascertained that they also value art collections on an individual basis and do not consider discounts or premiums due to it being a collection and not an single painting or other work of art that is being gifted.

Is this the information you require?

R.J.L. ReadDirector GeneralRulings DirectorateLegislative and Intergovernmental        Affairs Branch

G. Thornley

920324

February 4, 1992