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.
June 13, 1990
| Mr. R.A. Short |
| General Director |
| Tax Policy and Legislation Branch |
BY HAND |
| Department of Finance |
| 140 O'Connor Street |
A.B. Adler |
| L'Esplanade Laurier |
957-2066 |
| 16th Floor, East Tower |
I-3194 |
| Ottawa, Ontario |
Dear Al:
Re: Subsection 20(24) of the Income Tax Act
Enclosed is a copy of a memorandum dated August 21, 1989 form Specialty Rulings Directorate regarding the interaction of paragraphs 12(1)(a) and (e), subparagraph 20(1)(m)(iii) and subsection 20(24) of the Act with respect to prepaid rent.
As indicated therein, it is Rulings view that the absence of a specific reference to prepaid rent in subsection to amounts paid in respect of prepaid rent where such amounts are included in income under
(i) paragraph 12(1)(a) of the Act for a taxation year and no reserve in respect thereof has been claimed under subparagraph 20(1)(m)(iii) therefor, or
(ii) paragraph 12(1)(e) of the Act for a taxation year by reason of a claim for a reserve under subparagraph 20(1)(m)(iii) thereof in the preceding year.
21(1)(b)
Yours sincerely,
B.J. BrysonActing DirectorCurrent Amendments and Regulations Division
Enclosurec.c. H. Krakower
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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