,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,buy-,sell ,agree;ts
,numb]3 ,,it-#adj;,r#c
,date3 ,april #ad1 #aihi
,ref];e3 ,subsec;n #gj7#e7 7al subsec;n
  #afd7#f7 & p>agraph #fi7#a77b77

               ,applic,n
    
  ,? bullet9 replaces & c.els ,9t]pret,n
,bullet9 ,,it-#adj;,r#b dat$ ,decemb]
#bi1 #aihj4 ,curr5t revi.ns >e designat$
0v]tical l9es4

                ,summ>y
    
  ,taxpay]s :o [n simil> 9t]e/s 9 a
busi;s or prop]ty (t5 make s* a simil>
9t]e/ subject 6a buy-sell agree;t4 ,al?
! =m & 3t5t ( buy-sell agree;ts may   #a
             ,,it-#adj;,r#c          a#a
v>y1 !y alm alw provide = ei ! -pulsory
or op;nal sale ( capital prop]ty 0"o
p]son & ei ! -pulsory or op;nal
acquisi;n 0ano!r (! capital prop]ty [n$
0! =m]4 ,! price may 2 c]ta91 or may 2
det]m9$ z \tl9$ 9 ! agree;t4 ,? bullet9
4cusses buy-sell agree;ts t >e 9 e6ect
at ! "t ( d1? (a p]son4

          ,4cus.n & ,9t]pret,n
    
#a4 ,! rules 9 subsec;n #gj7#e7 apply
  6prop]ty t is subject 6a buy-sell
  agree;t1 un.s ! prop]ty c 2 3sid]$
  6ve/ 9def1sibly 9 ano!r p]son pursuant
  6subsec;n #gj7#f71 #gj7#i71 #gj7#i.b7
  or #gj7#i.f7 or p>agraph #gj7#e.b77d7
  or 7f74 ,:e!r ! prop]ty ve/s
  9def1sibly 9 ano!r p]son dep5ds on !
  t]ms (! buy-sell agree;t &! t]ms (! w
  7see ! curr5t issue ( ,,it-#ddi;,r74
#b4 ,:5 det]m9+ ! proce$s deem$ 6h be5
  rcvd 0! dec1s$ pursuant 6subsec;n
  #gj7#e71 ! fair m>ket value (!      #b
             ,,it-#adj;,r#c          b#a
  prop]ty subject 6! buy-sell agree;t m/
  2 det]m9$ at ! "t immly 2f d1?4 ,!
  ,de"p;t's view is t1 ": ! dec1s$ &!
  surviv+ "py 6! buy-sell agree;t
  7survivor7 did n d1l at >m's l5g?1 x
  is a "q ( fact :e!r ! fair m>ket value
  =! purpose ( subsec;n #gj7#e7 w 2
  det]m9$ ) ref];e 6! buy-sell agree;t4
#c4 ,": ! dec1s$ &a survivor did n d1l
  at >m's l5g? at ! "t ! agree;t 0 made1
  ! ,de"p;t's view is t p>agraph
  #fi7#a77b7 applies :5 ! e/ate sells !
  prop]ty 6! survivor pursuant 6!
--------------------------------------#b
  agree;t & t x is a "q ( fact :e!r fair
  m>ket value "u p>agraph #fi7#a77b7 w 2
  det]m9$ ) ref];e 6! buy-sell agree;t4
#d4 ,9 fulfill+ ! oblig,n 6sell !
  prop]ty 6a survivor1 ! e/ate may
  r1lize a capital loss on non-deprecia#
  capital prop]ty or may 2 p]mitt$
  6deduct a t]m9al loss on deprecia#
  prop]ty4 ,subsec;n #afd7#f7 provides
  "s relief ":1 )9 ! f/ tax,n ye>     #c
             ,,it-#adj;,r#c          a#b
  (! e/ate1 ! legal repres5tatives (!
  dec1s$ 4pose ( capital prop]ty (!
  e/ate & 9cur a net capital loss1 or
  4pose ( all ! deprecia# prop]ty (a
  prescrib$ class & 9cur a t]m9al loss4
  ,! legal repres5tative may elect 9
  a3ord.e )! 3di;ns prescrib$ 9 sec;n
  #ajjj (! ,regul,ns 6tr1t all or "p (
  s* losses z if !y 7 9curr$ 9 ! ye> (
  d1? r ?an 9 ! f/ tax,n ye> ,( ,!
  ,e/ate4 ,no ,"p ,( ,s* ,losses ,may ,2
  ,deduct$ ,= ,a ,tax,n ye> prec$+ ! ye>
  9 : ! taxpay] di$4 7,in ! case ( d1?s
  o3urr+ af #aihd1 an am5d$ return =!
  ye> ( d1? m/ 2 fil$ on 2half (! dec1s$
  6give e6ect 6! applic,n ( s* losses47
  ,any result+ refund wd 2 pd or cr$it$
  6! e/ate4





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