Section 34

See Also

Brock v. MNR, 91 DTC 1079 (TCC)

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Administrative Policy

26 March 2018 External T.I. 2017-0734381E5 F - Election paragraph 34(a)

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 10 - Subsection 10(14.1) transitional rule applies to assignee partner 68

28 May 2014 External T.I. 2014-0531461E5 - Paralegals and work in progress election

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15 October 2013 Internal T.I. 2013-0491951I7 F - Travaux en cours au moment du retrait d'un associé

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13 August 2013 External T.I. 2012-0471401E5 F - FMV - partnership interest

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Fair Market Value - Other deferred tax liability re deferred (s. 34) partnership income recognition reduces partnership interest FMV 222
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) - Paragraph 85(1)(c) FMV of professional partnership interest would normally discount the value of s. 34-elected WIP for income taxes 126

25 August 1992 T.I. 921739 (April 1993 Access Letter, p. 136, ¶C20-1143; Tax Window, No. 23, p. 17, ¶2139)

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20 September 1991 T.I. (Tax Window, No. 9, p. 22, ¶1464)

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19 September 89 T.I. (February 1990 Access Letter, ¶1104)

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IT-471R "Merger of Partnerships" under "Work in Progress"

IT-457R "Election by Professionals to Exclude Work in Progress from Income"

Articles

Joint Committee, "Proposed Amendments to Taxation of Work in Progress ("WIP") for Professionals", Letter of 31 May 2017

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 10 - Subsection 10(5) - Paragraph 10(5)(a) professional firms may only be required to recognize the payroll costs (not the dockets) of salaried professional staff and not partners’ time in their WIP 195