ACCO 340 Lecture Notes - Lecture 6: Larry Jacobson, John Molson, Deferral

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All book excerpts included in these notes come from the required text for this course: byrd & chens canadian tax principles, 2016-2017 edition. We gratefully acknowledge permission from the publisher to use these excerpts. Chapter 9: pages 408 to 425: deemed dispositions - change in use, departures from canada, non-arm"s length transfers of. Cca purposes the ucc is equal to the total of: Cost at date of change + (fmv cost) x . Disadvantage: during the period the home is rented out no cca can be claimed. Deemed disposition at fmv at time of change which may result in recapture and capital gains, and a deemed reacquisition at fmv and. Due to the deemed disposition rule above, person could have substantial tax to pay. Deemed reacquisition of the shares at an acb of ,000,000. Note: once the shareholder departs from canada, the company no longer is a ccpc and cannot claim the small business deduction (sbd).

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