Words and Phrases - "new"

a
88
b
44
c
81
d
55
e
38
f
31
g
20
h
15
i
75
j
2
k
2
l
32
m
57
n
25
o
38
p
81
q
3
r
77
s
91
t
47
u
16
v
10
w
23
y
2

4 April 2003 Internal T.I. 2003-0004387 F - OUTIL ADMISSIBLE APPRENTI MECANICIEN

Summary Under
Tax Topics - Income Tax Act - Section 8 - Subsection 8(6) - Paragraph 8(6)(b) - Subparagraph 8(6)(b)(ii)
tool that is resold without being used qualifies as “new” to the purchaser

Regarding whether s. 8(6)(b)(ii) was satisfied where the tool was acquired from another person who has never used it, the Directorate stated:

[I]n order to meet the condition "has not been used for any purpose before it is acquired by the taxpayer” in subparagraph 8(6)(b)(ii), an "eligible tool" must be new. A tool that was acquired by a taxpayer from another person who purchased it new and never used it (for personal, employment, business or other purposes) before reselling it to the taxpayer could meet the condition of never having been used for any other purpose for purposes of subparagraph 8(6)(b)(ii).

Words and Phrases
new