CRA illustrates the results of selling an inherited resource property

CRA provided a simple example of the application of the resource taxation rules to an individual who acquired, as the beneficiary of an estate and as his sole Canadian resource property, an oil and gas property having a fair market value of $1.0M and then, a number of years later, sold the property for $1.5M to a third party, thereby generating a full income inclusion under s. 66.2(1) of $0.5M minus the selling cost incurred by him.

Neal Armstrong. Summary of 23 March 2018 External T.I. 2018-0739741E5 under s. 66.2(1).