BU357 Chapter Notes - Chapter 8: Capital Cost Allowance, Property Income, Deferral
Document Summary
Bu357 chapter 8 notes: to determine the intention of the taxpayer. Ma(cid:455) (cid:271)e a(cid:374) i(cid:374)di(cid:272)ator i(cid:374) the ta(cid:454)pa(cid:455)er"s (cid:271)ehaviour of pri(cid:373)ar(cid:455) i(cid:374)te(cid:374)tio(cid:374); did the taxpayer intend to make a business or trading profit on the transaction. Relatio(cid:374)ship of the tra(cid:374)sa(cid:272)tio(cid:374) to the ta(cid:454)pa(cid:455)er"s (cid:271)usi(cid:374)ess: 2. Activity or organization normally associated with trade: 3. Number and frequency of the transactions: 5. Length of the period of ownership of the asset: 6. Supplemental work on or in connection with the property disposed of in the transaction: 7. Reserve cannot be claimed: by a non resident, where the purchaser is a controlled or controlling corporation. If the purchaser is a partnership, where the vendor is a majority interest partner. Usually its cost +/ - legislated adjustments: gst and hst is not included in acb. Implications for the operation of the capital cost allowance system.
