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.
| Movable Cultural Property |
| Cultural Industries |
| Communications Canada |
903544 |
| Journal Tower North |
Bill Guglich |
| 300 Slater Street |
(613) 957-2102 |
| Ottawa, Ontario |
| K1A 0C8 |
Attention: Mary-Lou Simac
December 14, 1990
Dear Sirs:
Re: Gifts of Cultural Property 24(1)
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 DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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