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.
PRINCIPAL ISSUE:
Whether there is any special treatment under the Income Tax Act (the "Act") relating to the disposal of land acquired under the Veteran's Land Act.
Position TAKEN:
No.
Reasons FOR POSITION TAKEN:
The Income Tax Act.
5-942899
XXXXXXXXXX L. Roy
Attention: XXXXXXXXXX
December 22, 1994
Dear Sir\Madam:
Re: Capital Gain on a Land Sale
This is in reply to your letter of November 10, 1994 in which you requested our opinion on whether there is any special treatment under the Income Tax Act relating to the disposal of land acquired under the Veteran's Land Act.
There is no provision under the Income Tax Act which provides special treatment where the land disposed of was acquired under the Veteran's Land Act.
The foregoing opinion is not a ruling and, in accordance with the guidelines set out in Information Circular 70-6R2 dated September 28, 1990, are not binding on the Department. Furthermore, it should not be viewed as a confirmation that a gain on such a disposition is a capital gain.
We trust the above comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Rulings Directorate
Policy and Legislation Branch
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