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.
Dear XXX
RE: Subsection 13(7.4) Election
This is in response to your letter dated September 22, 1988, addressed to Mr. A. Stackle, Toronto District Office, regarding the procedure to follow in the filing of a subsection 13(7.4) election in respect of leasehold inducements received by a partnership.
We agree with your proposed method of filing the election.
That is, we will accept the election made by a designated partner on behalf of all the partners where the designated partner has authority to act on behalf of all the partners. It is preferable that the election be in the form of a letter attached to the return (or filed separately).
For greater certainty, where a partnership is comprised of partner's the fiscal year ends of which vary, the election should be filed by the partner whose return of income for the taxation year in which the inducement is received is required by section 150 to be the earliest filed of all the partners returns.
If you have any questions on the foregoing please contact George Marcotte at (613) 857-9446.
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1988
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1988
Email this Content