1 December 1989 T.I. (May 1990 Access Letter, ¶1209)

Expenses that relate to a particular lot can only be deducted from the net income from that lot and not against the net income of any other lots...

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Services added to land meet the legal definition of land.

Where on a sale of land inventory part of the proceeds are received (and included under s. 12(1)(a)) as a prepayment for the identifiable cost of...

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