Principal Issues: (1) Is there a time-frame within which a DIPA must issue a tax receipt after receiving a gift of cultural property? (2) If a DIPA does not issue a tax receipt to the donor of cultural property until several years after the tax year in which the donor gifted the property to the DIPA, can the donor still claim the tax incentives associated with having made a gift of cultural property to a DIPA? (3) If the CCPERB certificate and tax receipt are not issued to a donor until several years after the donor has made a gift of cultural property to a DIPA, in what tax years can the donor claim the tax benefits associated with having made a gift of cultural property to a DIPA?
Position: (1) No. (2) It generally depends on whether a CCPERB certificate and/or a tax receipt are issued in respect of the gift. It may also depend on the application of one or more of the "taxpayer relief" provisions in the Act, where no CCPERB certificate is ever issued in respect of the gift. (3) Generally, a tax deduction or non-refundable tax credit in respect of a gift of cultural property can be claimed in the year that the gift was made and any unclaimed portion can be carried forward for up to 5 years after the tax year in which the gift was made.
Reasons: (1) Legislation. (2) Legislation and previous positions. (3) Legislation, jurisprudence and IC07-1R1 positions.
