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.
942685
XXXXXXXXXX Jim Wilson
October 24, 1994
Dear XXXXXXXXXX:
Re: Advance Income Tax Ruling Request
This is in reply to your letter of October 11, 1994, in which you requested an advance income tax ruling with respect to a proposed rollover in accordance with subsection 85(1) of the Income Tax Act (the "Act"). More specifically, you have requested a ruling on whether real property that you own personally is a capital property and thus an "eligible property" as defined in subsection 85(1.1) of the Act.
We regret that we are unable to provide a ruling where the major issue is whether a transaction should be viewed as being of an income nature or of a capital nature. In this regard, we refer you to paragraph 14(e) of Information Circular 70-6R2 enclosed herewith.
We have, therefore, closed our file on this matter. A refund of your deposit will be sent to you under separate cover.
Yours truly,
for Director
Reorganizations and Foreign Division
Rulings Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1994
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© Sa Majesté la Reine du Chef du Canada, 1994
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