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.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
XXXXXXXXXX 5-942192
Attention: XXXXXXXXXX
September 16, 1994
Dear Sirs:
Re: Draft Capital Gains Legislation
This is in reply to your facsimile dated August 25, 1994, wherein you requested our opinion as to whether a portion of a partnership interest would be considered to be a capital property for the purpose of the election provided in draft subsection 110.6(19) of the Income Tax Act (the "Act").
It is our opinion that a fraction of a partnership interest is a property, as that term is defined in subsection 248(1) of the Act, and therefore, such portion will constitute a capital property for the purpose of the above-mentioned proposed election to the extent the partnership interest, as a whole, constitute a capital property.
The above opinion is not a ruling and, accordingly, it is not binding on this Department.
Yours truly,
for Acting Director
Manufacturing Industries, Partnerships
and Trusts Division
Rulings Directorate
Policy and Legislation Branch
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