Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
| 19(1) |
File No. 5-8353 |
| |
M. Eisner |
| |
(613) 957-2138 |
September 8, 1989
Dear Sirs:
This is in reply to your letter of July 6, 1989 concerning whether farm land, which is used in a farming operation where the deductibility of losses is restricted under section 31, can be regarded as being used in a "farming business" for the purposes of the definition of qualified farm property in subsection 110.6(1).
As indicated in paragraph 1(b) of IT-322R, it is our view that the farming operation is a business. Accordingly, the farm land will not be disqualified from meeting the definition of qualified farm property in subsection 110.6(1) on the basis that the farming operation is described in section 31.
We trust you will find the foregoing satisfactory.
Yours truly,
for DirectorSmall Business and General DivisionSpecialty Rulings DirectorateLegislative and IntergovernmentalAffairs Branch
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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