Wednesday, January 11, 2012

A capital gains tax question?

There is no deemed disposition to the BUYERS, but there will be one for the sellers. The sellers will pay capital gains on any increase in value of their portion between 1993 and the date of sale. Because it's not an arms length sale, it would be best to obtain an independent appraisal so that there is no question later by CRA on the actual value on the sale date.

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