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.
XXXX
H. G. Dube, 3rd floor Telephone (416) 252-3611 Extension # 203
June 29, 1983
XXXX
Further to your letter dated June 17, 1983, together with stated enclosures relative to the above deceased, we wish to advise that before a clearance can be given under s. s. 159(2) of the Income Tax Act, we require your basis of the value of the realty at V-Day and date of death. If appraisals were made, kindly forward copies of same.
If the real property in question was in joint names with the spouse prior to 1972, then only one-half of the value need be declared.
We might add that any increase in value between Dec. 31/71 and the date of death is taxable with no personal exemptions being allowed and the taxable gain is not exempt under the U.S.-Canada Tax Convention. Please refer to Interpretation Bulletin # 150.
If the property is to be offered for sale please advise the asking price and details of any offers received to date.
A reply within 15 days is requested.
Yours sincerely,
Audit Division
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© Her Majesty the Queen in Right of Canada, 1983
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© Sa Majesté la Reine du Chef du Canada, 1983
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