Search - "Contribution of Property"

4 June 1987 Income Tax Severed Letter 5-3073- [Request for Technical Interpretation Contribution of Property to a Partnership] XXXX M. Vallée (613) 957-8982 June 4, 1987 Dear Sir: Re: Request for Technical Interpretation Contribution of Property to a Partnership This is in reply to your letter, dated March 17, 1987 whereby you request an opinion regarding a contribution of property to a partnership in the following circumstances. ...

7 April 1991 Income Tax Severed Letter- Whether contributions of property to a partnership are subject to sales tax Unedited CRA Tags 53(1)(e)(iv) Subject: Partnership and Sales Tax A. ... In order for there to be an increase in the ACB of B's partnership interest, B would have to make a contribution of property to the partnership. ... Therefore, the payment of the liability by the partner would not be a payment of a partnership liability and would not constitute a contribution of property for the purposes of subparagraph 53(1)(e)(iv). ...

We have concluded from our review that where the income beneficiary of a trust has agreed to bear the burden with respect to the trust's taxes arising from a subsection 104(13.1) designation, the withholding of such taxes from the payment made to the beneficiary will not, in and by itself, result in a contribution of property to the trust for the purposes of subparagraph 108(1)(i)(ii) of the Act provided that the withheld amount relates to the income paid or payable to the beneficiary. ...

We have concluded from our review that where the income beneficiary of a trust has agreed to bear the burden with respect to the trust's taxes arising from a subsection 104(13.1) designation, the withholding of such taxes from the payment made to the beneficiary will not, in and by itself, result in a contribution of property to the trust for the purposes of subparagraph 108(1)(i)(ii) of the Act provided that the withheld amount relates to the income paid or payable to the beneficiary. ...

A payment of cash to the estate to enable it to pay the liabilities will result in a contribution of property to the trust for the purpose of subparagraph 108(1)(ii) of the Act. ...

A payment of cash to the estate to enable it to pay the liabilities will result in a contribution of property to the trust for the purpose of subparagraph 108(1)(ii) of the Act. ...

Likewise, a retirement compensation arrangement ("RCA") can only arise where a contribution of property is made by the employer to the "custodian". ...

The later contribution of property to the trust by the Contributor would not result in the trust being disqualified as a personal trust, if the Contributor did not acquire any interest in the trust by virtue of this later contribution. ...

The taxpayer's other argument, that no contributions were made, is not possible, because if there was no contribution of property there can be no trust. ...

Further, you are of the view that income left in a trust as an amount payable does not constitute an additional contribution of property to the trust for purposes of the definition of "testamentary trust" in paragraph 108(1)(i) of the Act. ...