14 December 1990 Income Tax Severed Letter

By services, 22 July, 2022
Language
English
Document number
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
657740
Extra import data
{
"field_external_guid": [
"menu:://Federal Income Tax [CCH Tax ]/Tax Window Files/Tax Window Files/Tax Window Files/1990s/1990 [DC90_029.031 - NV90_431.432]/DC90_177 — Gifts of Cultural Property"
],
"field_proprietary_citation": [],
"field_release_date_new": "1990-12-14 07:00:00",
"field_tags": []
}
Main text
Movable Cultural Property
Cultural Industries
Communications Canada              903544
Journal Tower North                W.P. Guglich
300 Slater Street                  (613) 957-2102
Ottawa, Ontario
K1A 0C8

Attention: Mary-Lou Simac

Dear sirs:

          24(1)

Re: Gifts of Cultural Property

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 Director Business and General Division Rulings Directorate Legislative and Intergovernmental Affairs Branch