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.
QUESTION 49 - INVENTORY WRITE-DOWN - SINGLE VENTURE
QUESTION
In light of the recent decision in Weatherhead v. M.N.R. [[1990] 1 C.T.C. 2579] 90 DTC 1398, what is Revenue Canada's assessing position with respect to an inventory write-down to fair market value on property held as an adventure in the nature of trade?
ANSWER
The Department has appealed the decision in the Weatherhead case to the Federal Court - Trial Division. Pending a decision by the court the Department's position remains unchanged that a taxpayer is not entitled to an inventory write-down to fair market value on property held as an adventure in the nature of trade.
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