Words and Phrases - "accountant"

a
88
b
44
c
81
d
55
e
40
f
31
g
20
h
15
i
75
j
2
k
2
l
32
m
57
n
26
o
38
p
81
q
3
r
78
s
92
t
47
u
16
v
10
w
23
y
2

18 May 2004 External T.I. 2004-0069691E5 F - Incorporation des professionnels

Summary Under
Tax Topics - Income Tax Act - Section 34
insolvency practice carried on by accountants does not qualify as accountancy

Can a corporation with accountant shareholders use the s. 34 election where it is carrying on an insolvency practice? CRA responded:

[A] corporation that carries on an insolvency business, which is a separate business and not an ancillary activity within a corporation that also carries on a business of practising accountancy, is not a business of practising accountancy within the general meaning of the term "accountant". …

The election … is therefore not permitted … .

Words and Phrases
accountant
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) - Paragraph 98(3)(b) WIP subject to s. 34 election is tranferred at nil 149
Tax Topics - Income Tax Act - Section 40 - Subsection 40(2) - Paragraph 40(2)(a) - Subparagraph 40(2)(a)(ii) only s. 40(2)(a)(ii)(A), not (B) or (C), is potentially engaged where transferor is individual 125
Tax Topics - Income Tax Act - Section 249.1 - Subsection 249.1(2) s. 249.1(2) not engaged by virtue only of no income being allocated to the partner 236