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.
XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
This is in reply to your letter dated May 13, 1993 requesting a technical interpretation as to the tax consequences of transferring property to a limited partnership that has not yet commenced operating its business.
The time a partnership is formed is a question of commercial law and is not regulated by the provisions of the Income Tax Act. If property is transferred to a limited partnership, formed under the provisions of the relevant partnership legislation, the relevant sections of the Act with respect to transfer of property to a partnership will apply regardless of whether or not the partnership is operating a business at the time of transfer.
We trust that these comments will be of some assistance.
Yours truly,
for Director Manufacturing Industries, Partnerships and Trusts DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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