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 Issues:
Whether grazing leases may qualify as "qualified farm property".
Position:
Grazing leases may qualify as qualified farm property.
Reasons:
Real property, which includes leasehold interests such as grazing leases, may qualify as qualified farm property.
5-953277
XXXXXXXXXX C. Chouinard
Attention: XXXXXXXXXX
December 27, 1995
Dear XXXXXXXXXX:
Re: Grazing Leases - Qualified Farm Property
We are writing in response to your letter of December 13, 1995, wherein you inquired whether grazing leases would qualify as qualified farm property within the meaning of subsection 110.6(1) of the Income Tax Act (the "Act").
As we indicated to you during our telephone conversation (Chouinard/XXXXXXXXXX), for purposes of the definition of "qualified farm property" in subsection 110.1(6) of the Act, real property includes a leasehold interest, such as grazing leases, provided the lease is for land and farming.
We trust that these comments will be of assistance.
Yours truly,
R. Albert
for Director
Business and General Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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