TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Advance payments retained during asset transfer negotiations reduce acquisition cost for capital gains unless already taxed as income</h1> When a capital asset was previously under negotiation for transfer, any advance or other money received and retained by the taxpayer in respect of those negotiations must be deducted from the asset's acquisition cost, written down value, or fair market value when computing cost of acquisition for capital gains purposes. However, if that advance was already included in the recipient's total income in an earlier year under the specified provision treating such receipts as income, it shall not be deducted from the asset's acquisition cost or value.
TaxTMI 
TaxTMI 
