,CANADA ,CU/OMS                       #A
& ,REV5UE ,AG5CY

              ,9COME ,TAX
          ,9T]PRET,N ,BULLET9
    
,SUBJECT3 ,9COME ,TAX ,ACT
  ,R5TAL ,PROP]TY--,CAPITAL ,CO/ ,ALL[.E
  ,RE/RIC;NS
,NUMB]3 ,,IT-#AIE;,R#D
,DATE3 ,SEPTEMB] #F1 #AIIA
,REF];E3 ,SUBSEC;NS #AAJJ7#AA7 "?
  7#AD.B7 (! ,9COME ,TAX ,REGUL,NS 7AL
  SUBSEC;NS #AAJJ7#AE71 #AAJJ7#AG71
  #AAJA7#A;AE7 & #AAJB7#E7 (! ,REGUL,NS1
  CLASSES #A1 #C1 #F1 #AC1 #CA & #CB (
  ,S*$ULE ,,II (! ,REGUL,NS & SUBSEC;N
  #BJ7#AF7 & P>AGRAPH #BJ7#A77A7 (!
  ,ACT7





                                      #A
               ,APPLIC,N             A#A
    
  ,? BULLET9 C.ELS & REPLACES
,,IT-#AIE;,R#C DAT$ ,APRIL #BG1 #AIHA4
,NOTE T ,,CCA CLAIMS 9 RESPECT ( R5TAL
OR L1S+ PROP]TY MAY AL 2 RE/RICT$ 0!
PROPOS$ 8AVAILA# = USE0 & 8SPECIFI$ L1S+
PROP]TY0 RULES4 ,O!R BULLET9S W 4CUSS !
LATT] RULES 9 M DETAIL4

                ,SUMM>Y
    
  ,? BULLET9 4CUSSES ! RE/RIC;N ON
CLAIMS = CAPITAL CO/ ALL[.E 7,,CCA7 T WD
O!RWISE 2 DEDUCTI# 9 RESPECT ( R5TAL
PROP]TIES4 ,) C]TA9 EXCEP;NS1 ? RE/RIC;N
PREV5TS A TAXPAY] OR "PN]%IP F CR1T+ OR
9CR1S+ ! AM.T (A LOSS = 9COME TAX
PURPOSES 0CLAIM+ ,,CCA ON R5TAL
PROP]TIES4 ,X "!BY PREV5TS ! TAXPAY] F
US+ S* LOSSES 6%ELT] OR REDUCE O!R 9COME
SUBJECT 6TAX4 ,9 ? BULLET91 REF];ES
6SUBSEC;NS & P>AGRAPHS >E 6SUBSEC;NS &
P>AGRAPHS (! ,REGUL,NS1 EXCEPT ":
9DICAT$4                              #B
          ,4CUS.N & ,9T]PRET,N       B#A
        ,G5]AL--,OP],N (! ,,CCA
               ,RE/RIC;N
    
#A4 ,SUBSEC;N #AAJJ7#AA7 RE/RICTS ! AM.T
  ( ,,CCA T MAY 2 CLAIM$ ON R5TAL
  PROP]TIES (A TAXPAY]1 OR (A "PN]%IP (
  : ! TAXPAY] IS A MEMB]4 ,? RE/RIC;N IS
  REF]R$ 6IN ? BULLET9 Z ! 8,,CCA
  RE/RIC;N40 ,SUBSEC;N #AAJJ7#AA7
  APPLIES ": A TAXPAY] [NS PROP]TY (A
  CLASS PRESCRIB$ = ,,CCA PURPOSES & T
  CLASS 9CLUDES R5TAL PROP]TY [N$ 0!
  TAXPAY]4 ,) RESPECT 6ALL S* CLASSES (
  PROP]TIES [N$ 0! TAXPAY]1 ! TAXPAY]'S
  TOTAL CLAIM = ,,CCA T WD O!RWISE 2
  ALL[$ 9
--------------------------------------#B
  -PUT+ 9COME =A TAX,N YE> MAY N EXCE$ !
  AM.T1 IF ANY1 0:
  7A7 ! TAXPAY]'S 9COME =! YE> F R5T+ OR
    L1S+ R5TAL PROP]TY : ! TAXPAY] [NS
    7-PUT$ 2F ANY CLAIMS = ,,CCA T WD
    O!RWISE 2 DEDUCTI# "U P>AGRAPH
    #BJ7#A77A7 (! ,ACT7 &             #C
             ,,IT-#AIE;,R#D          A#B
  7B7 ! 9COME (A "PN]%IP =! YE> F R5T+
    OR L1S+ R5TAL PROP]TY (! "PN]%IP1 6!
    EXT5T (! TAXPAY]'S %>E ( S* 9COME
    EXCE$S
  7C7 ! TAXPAY]'S LOSS =! YE> F R5T+ OR
    L1S+ R5TAL PROP]TY [N$ 0! TAXPAY]
    7-PUT$ 2F ANY CLAIMS = ,,CCA T WD
    O!RWISE 2 DEDUCTI# "U P>AGRAPH
    #BJ7#A77A7 (! ,ACT7 &
  7D7 ! LOSS (A "PN]%IP =! YE> F R5T+ OR
    L1S+ R5TAL PROP]TY (! "PN]%IP1 6!
    EXT5T (! TAXPAY]'S %>E ( S* LOSS4
#B4 ,ACLY1 IF A TAXPAY] HAS M ?AN "O
  CLASS ( R5TAL PROP]TIES1 ! ,,CCA
  RE/RIC;N IS N APPLI$ 6! 9DIVIDUAL
  CLASSES ( R5TAL PROP]TIES B R 6! TOTAL
  ,,CCA T MAY 2 CLAIM$ AG/ ALL !
  TAXPAY]'S R5TAL PROP]TIES4 ,! 5TIRE
  ,,CCA CLAIM = ALL ! PROP]TIES M/ N
  EXCE$ ! TOTAL (! R5TAL 9COME F ALL
  PROP]TIES LESS ! TOTAL (! R5TAL LOSSES
  F ! PROP]TIES4 ,ANY RECAPTURE ( ,,CCA
  IS 9CLUD$ 9 -PUT+ ^! TOTALS4 ,9 -PUT+
  ! AM.T ( ,,CCA ALL[A# ": A T]M9AL   #D
             ,,IT-#AIE;,R#D          B#B
  LOSS HAS O3URR$1 X W 2 NEC 6DEDUCT !
  T]M9AL LOSS F/ & !N 6CLAIM ORD9>Y
  ,,CCA 6! EXT5T1 IF ANY1 (! REMA9+ NET
  R5TAL 9COME F ALL PROP]TIES4

       ,DEF9I;N ( ,R5TAL ,PROP]TY
    
#C4 ,=! PURPOSES (! ,,CCA RE/RIC;N1 A
  8R5TAL PROP]TY0 (A TAXPAY] OR "PN]%IP
  IS DEF9$ 9 SUBSEC;N #AAJJ7#AD7 6M1N
  7A7 A BUILD+ 7O!R ?AN A ,,MURB Z NOT$
    9 #AD 2L7 [N$ 0! TAXPAY] OR "PN]%IP1
    :E!R JO9TLY ) ANO!R P]SON OR
    O!RWISE1 OR
  7B7 A L1SEHOLD 9T]E/ 9 R1L PROP]TY IF
    ! L1SEHOLD 9T]E/ IS PROP]TY ( CLASS
    #A1 #C1 #F OR #AC 7OR1 = TAX,N YE>S
    2F #AIHH1 CLASS #C1 #F OR #AC7 & IS
    [N$ 0! TAXPAY] OR "PN]%IP4
  
  ,6BE A R5TAL PROP]TY1 ! PROP]TY M/ 2
  US$ 9 ! YE> 0! TAXPAY] OR "PN]%IP
  PR9CIP,Y =! PURPOSES ( GA9+ OR PRODUC+
  GROSS REV5UE T                      #E
             ,,IT-#AIE;,R#D           #C
  IS R5T4 ,R5TAL PROP]TY DOES N 9CLUDE A
  PROP]TY L1S$ 0A TAXPAY] OR "PN]%IP 7!
  LESSOR7 9 ! ORD9>Y C\RSE (! LESSOR'S
  BUSI;S ( SELL+ GDS OR R5D]+ S]VICES1
  ": ? IS D"O "U AN AGREE;T 0: ! LESSEE
  "UTAKES 6USE ! PROP]TY 6C>RY ON ! SALE
  OR PROMO;N (! SALE (! LESSOR'S GDS OR
  S]VICES4 ,= EXAMPLE1 A BUILD+ L1S$ 0AN
  OIL -PANY 6A D1L] =! OP],N (A S]VICE
  /,N 9 ORD] 64PLAY & SELL ! OIL -PANY'S
  GDS IS N A R5TAL PROP]TY (! OIL -PANY4

          ,M1N+ ( 8,PR9CIP,Y0
    
#D4 ,Z US$ 9 ! DEF9I;N ( R5TAL PROP]TY 9
  SUBSEC;N #AAJJ7#AD71 ! ^W 8PR9CIP,Y0
  M1NS 8PRIM>ILY0 OR 8*IEFLY40 ,9
  E/ABLI%+ :E!R A PROP]TY IS US$
  PR9CIP,Y =A GIV5 PURPOSE1 "O (! MA9
  FACTORS 6BE 3SID]$ IS ! PROPOR;N ( "T
  T ! PROP]TY IS US$ = T PURPOSE4 ,IF !
  PROP]TY IS US$ M ?AN #EJ P]C5T (! "T
  =! PURPOSES ( GA9+ OR PRODUC+ GROSS
  REV5UE T IS R5T1 T PATT]N ( USE     #F
             ,,IT-#AIE;,R#D          A#C
  IS A GD 9DIC,N T ! PROP]TY IS US$
  PR9CIP,Y = T PURPOSE4 ,ANO!R IMPORTANT
  FACTOR 6BE 3SID]$ IS ! PROPOR;N (!
  AM.T ( SPACE R5T$ 9 REL,N 6! TOTAL >EA
  (! BUILD+4 ,AG1 IF M ?AN #EJ P]C5T (!
  TOTAL >EA IS R5T$1 T IS AN 9DIC,N T !
  PROP]TY IS 2+ US$ PR9CIP,Y = PRODUC+
  R5TAL REV5UE4 ,SEE ! CURR5T V].N (
  ,,IT-#CCA1 ,9VE/;T ,TAX ,CR$IT1 =
  A4I;NAL -;TS ON ! M1N+ (! ^W
  8PR9CIP,Y40

        ,TAXPAY]S ,N ,SUBJECT 6!
            ,,CCA ,RE/RIC;N
    
#E4 ,SUBSEC;N #AAJJ7#AB7 PROVIDES T !
  ,,CCA RE/RIC;N DOES N APPLY 6A TAXPAY]
  IF T TAXPAY] 0 "?\T ! YE>
  7A7 A LIFE 9SUR.E CORPOR,N1
  7B7 A CORPOR,N ^: PR9CIPAL BUSI;S 0 !
    L1S+1 R5TAL1 DEVELOP;T OR SALE 7OR
    ANY -B9,N "!(7 ( R1L PROP]TY [N$ 0X1
    OR
                                      #G
             ,,IT-#AIE;,R#D          B#C
  7C7 A "PN]%IP EA* MEMB] ( : 0 A
    CORPOR,N DESCRIB$ 9 7A7 OR 7B7 ABV4
  
  ,H["E1 SUBSEC;N #AAJJ7#AC7 LIMITS !
  APPLIC,N ( SUBSEC;N #AAJJ7#AB74 ,Z A
  RESULT1 ! ,,CCA RE/RIC;N W REMA9
  APPLICA# 6MO/ SITU,NS 7SPECIFIC,Y1 ^?
  DESCRIB$ 9 SUBSEC;N #AAJB7#E77 9 : ANY
  (! 5TITIES 9 7A7 TO 7C7 ABV HAS A
  L1SEHOLD 9T]E/ 9 A BUILD+ ON L1S$ L&
  &! BUILD+ IS L1S$ BACK 6! [N] (! L&1
  OR 6A P]SON :O [NS AN 9T]E/ 9 OR OP;N
  ON ! L&4 ,SEE ! CURR5T V].N (
  ,,IT-#CGA1 ,R5TAL ,PROP]TY--,M1N+ (
--------------------------------------#D
  ,PR9CIPAL ,BUSI;S1 = -;TS 3C]N+
  SUBSEC;N #AAJJ7#AB74

             ,M1N+ ( 8,R5T0
    
#F4 ,=! PURPOSES (! DEF9I;N ( R5TAL
  PROP]TY 9 SUBSEC;N #AAJJ7#AD71 7SEE #C
  ABV71 9 DET]M9+ :E!R A PROP]TY 0 US$
  PR9CIP,Y = GA9+ OR PRODUC+ GROSS    #H
             ,,IT-#AIE;,R#D          A#D
  REV5UE T IS R5T1 SUBSEC;N #AAJJ7#AD.A7
  IS APPLICA#4 ,! LATT] SUBSEC;N
  PROVIDES T = #AIHF & SUBSEQU5T YE>S1
  GROSS REV5UE DERIV$ 9 A TAX,N YE> F
  7A7 ! "R (A P]SON OR "PN]%IP1 O!R ?AN
    ! [N] (A PROP]TY1 6USE OR O3UPY !
    PROP]TY OR A "P "!(1 &
  7B7 S]VICES (F]$ 6A P]SON OR "PN]%IP T
    >E ANCILL>Y TO 7I4E4 SUBORD9ATE 6OR
    DEP5DANT ^U7 ! USE OR O3UP,N 0!
    P]SON OR "PN]%IP (! PROP]TY OR ! "P
    "!(1
  
  % 2 3SID]$ 6BE R5T DERIV$ 9 T YE> F !
  PROP]TY4 ,! -+-9TO-=CE PROVI.NS )
  RESPECT 6SUBSEC;N #AAJJ7#AD.A7 >E V
  EXT5SIVE1 ) V>I,NS T DEP5D ^U ! NATURE
  (! PROP]TY ACQUIR$ &! TIM+ (!
  ACQUISI;N4 ,REF];E %D 2 MADE 6^!
  PROVI.NS = M PRECISE DETAILS4 ,?US1
  UN.S "O (! EXCEP;NS SET \ 9 ! -+-9TO-
  =CE PROVI.NS OR #G 2L APPLIES1 GROSS
  REV5UE T IS R5T W 9CLUDE REV5UE DERIV$
  F A PROP]TY S* Z A HOTEL1 MOTEL     #I
             ,,IT-#AIE;,R#D          B#D
  OR NURS+ HOME OP],N1 ": X IS E/ABLI%$
  T S* REV5UE IS ANCILL>Y 6! USE OR
  O3UP,N (! PROP]TY4 ,ON ! O!R H&1 IF !
  S]VICES (F]$ 7= EXAMPLE1 M$ICAL C>E 9
  A NURS+ HOME7 >E S* T !Y G 2Y 2+ M]ELY
  ANCILL>Y 6! USE & O3UP,N (! PROP]TY1
  GROSS REV5UE DERIV$ F S* S]VICES IS N
  3SID]$ 6BE R5T DERIV$ F ! PROP]TY4

               ,EXCEP;NS
    
#G4 ,SUBSEC;N #AAJJ7#AD.B7 SETS \ C]TA9
  EXCEP;NS 6! APPLIC,N ( SUBSEC;N
  #AAJJ7#AD.A74 ,Z A RESULT1 ! -;TS 9 #F
  ABV D N APPLY 9 ANY "PICUL> TAX,N YE>
  6A PROP]TY [N$ BY
  7A7 A CORPOR,N1 ": ! PROP]TY IS US$ 9
    A BUSI;S C>RI$ ON 9 ! YE> 0!
    CORPOR,N1
  7B7 AN 9DIVIDUAL1 ": ! PROP]TY IS US$
    9 A BUSI;S C>RI$ ON 9 ! YE> 0!
    9DIVIDUAL &! 9DIVIDUAL IS P]SON,Y
    ACTIVE 9 T BUSI;S ON A 3T9U\S BASIS
                                     #AJ
             ,,IT-#AIE;,R#D          C#D
    "?\T T POR;N (! YE> DUR+ : ! BUSI;S
    IS ORD9>ILY C>RI$ ON1 OR
--------------------------------------#E
  7C7 A "PN]%IP1 ": ! PROP]TY IS US$ 9 A
    BUSI;S C>RI$ ON 9 ! YE> 0! "PN]%IP
    IF AT L1/ TWO-?IRDS (! 9COME OR
    LOSS1 Z ! CASE MAY BE1 (! "PN]%IP =!
    YE> IS 9CLUD$ 9 ! DET]M9,N (! 9COME
    (
    7;I7 MEMB]S (! "PN]%IP :O >E
      9DIVIDUALS T >E P]SON,Y ACTIVE 9 !
      BUSI;S (! "PN]%IP ON A 3T9U\S
      BASIS "?\T T POR;N (! YE> DUR+ : !
      BUSI;S IS ORD9>ILY C>RI$ ON1 &
    7;II7 MEMB]S (! "PN]%IP T >E
      CORPOR,NS4
  ,:E!R OR N AN 9DIVIDUAL IS 8P]SON,Y
  ACTIVE ON A 3T9U\S BASIS "?\T T POR;N
  (! YE> DUR+ : ! BUSI;S IS ORD9>ILY
  C>RI$ ON0 IS A "Q ( FACT4 ,9 MAK+ S* A
  DET]M9,N1 3SID],N W 2 GIV5 6! NATURE
  (! BUSI;S &! 9DIVIDUAL'S 9VOLVE;T 9 !
  "D-TO-"D OP],N ( T BUSI;S4 ,= EXAMPLE1
  IF ! BUSI;S 3SI/S ( OP]AT+ A       #AA
             ,,IT-#AIE;,R#D          A#E
  NURS+ HOME1 ! SIMPLE P]IODIC REVIEW (
  OP]AT+ RESULTS OR ! O3A.NAL RECOMM5D,N
  (! HOME 6POT5TIAL CLI5TELE 0!
  9DIVIDUAL W N 2 SU6ICI5T 6E/ABLI% T !
  9DIVIDUAL IS 8P]SON,Y ACTIVE ON A
  3T9U\S BASIS04 ,ON ! O!R H&1 ! ,,CCA
  RE/RIC;N W N NORM,Y APPLY IF !
  9DIVIDUAL "PICIPATES ON A FULL-"T
  BASIS 9 MANAGE;T DECI.NS1 O3UPANT
  S]VICES1 /A6+ & LOCAT+ CLI5TELE4

      ,SEP>ATE ,CLASSES = ,R5TAL &
         ,NON-,R5TAL ,PROP]TIES
    
#H4 ,SUBSEC;N #AAJA7#A;AE7 PROVIDES T
  R5TAL PROP]TIES (A TAXPAY] : WD
  O!RWISE 2 PLAC$ 9 ! SAME CLASS Z O!R
  NON-R5TAL PROP]TIES (! TAXPAY] >E
  REQUIR$ 6BE PLAC$ 9 A SEP>ATE CLASS4
  ,H["E1 ? REQUIRE;T DOES N APPLY 6A
  R5TAL PROP]TY (A TAXPAY] EXEMPT$ "U
  SUBSEC;N #AAJJ7#AB7 F ! ,,CCA RE/RIC;N
  7SEE #E ABV74 ,": ! 3DI;NS ( SUBSEC;N
  #AAJJ7#AB7 >E MET "?\T "O YE> B    #AB
             ,,IT-#AIE;,R#D          B#E
  N "?\T ANO!R YE>1 X W 2 NEC 6TRANSF] !
  R5TAL PROP]TY 96OR \ (! SEP>ATE CLASS
  PRESCRIB$ 0SUBSEC;N #AAJA7#A;AE74

   ,PROP]TY ,3V]T$ F ,BUSI;S 6,R5TAL
           ,USE ,DUR+ ! ,YE>
    
#I4 ,,CCA MAY 2 RE/RICT$ 9 ! FOLL[+
  CIRCUM/.ES3
  7A7 A TAXPAY] OR "PN]%IP C1SES 6C>RY
    ON BUSI;S ACTIVITIES "P WAY "? !
    TAX,N YE>1
--------------------------------------#F
  7B7 AT T "T1 ! TAXPAY] OR "PN]%IP
    -M;ES 6USE DEPRECIA# PROP]TY T IS A
    BUILD+ OR L1SEHOLD 9T]E/ DESCRIB$ 9
    #C7A7 OR 7B7 ABV 6G5]ATE GROSS
    REV5UE T IS R5T OR L1S+ REV5UE1 &
  7C7 ? PROP]TY IS US$ PR9CIP,Y = R5TAL
    PURPOSES Z DET]M9$ 9 #D ABV4
  
  ,! ,,CCA CLAIM =A TAX,N YE> ) RESPECT
  6S* PROP]TIES : !N QUALIFY Z R5TAL
  PROP]TY IS RE/RICT$ 6! NET R5TAL   #AC
             ,,IT-#AIE;,R#D          A#F
  OR L1S+ 9COME G5]AT$ = T YE> F !
  PROP]TY AF XS 3V].N F BUSI;S USE4

      ,R5TAL ,PROP]TY ( ,MEMB]S (
               ,"PN]%IPS
    
#AJ4 ,A "PN]%IP T IS SUBJECT 6! ,,CCA
  RE/RIC;N CALCULATES ! AM.T ( ,,CCA X C
  CLAIM & ALLOCATES ! RESULT+ NET R5TAL
  9COME OR LOSS AM;G ! MEMB]S (!
  "PN]%IP4 ,": S* A MEMB] AL HOLDS R5TAL
  PROP]TY Z A PROPRIETOR1 ! -;TS 9 #A &
  #B ABV W APPLY 9 A SIMIL> MANN] 6!
  MEMB]'S [N R5TAL PROP]TIES4 ,! %>E (
  "PN]%IP R5TAL 9COME OR LOSS ALLOCAT$
  6! MEMB] W 2 -B9$ )! TOTAL R5TAL 9COME
  OR LOSS AF EXP5SES1 B 2F ,,CCA1 F !
  MEMB]'S [N R5TAL PROP]TIES4 ,,CCA MAY
  2 CLAIM$ ON ! MEMB]'S R5TAL PROP]TIES
  7SUBJECT 6PRESCRIB$ RATES7 ONLY 6!
  EXT5T ( T -B9$ R5TAL 9COME1 IF ANY4


                                     #AD
        ,FURNITURE1 ,FIXTURES &      B#F
               ,APPLI.ES
    
#AA4 ,FURNITURE1 FIXTURES & APPLI.ES
  ACQUIR$ =A R5TAL BUILD+ REPRES5T 8L1S+
  PROP]TIES0 Z DEF9$ 9 SUBSEC;N
  #AAJJ7#AG74 ,! ,,CCA ON S* ASSETS IS
  RE/RICT$ "U SUBSEC;N #AAJJ7#AE7 9 A
  MANN] T G5],Y P>ALLELS ! RULES = R5TAL
  R1L E/ATE PREVI\SLY 4CUSS$4 ,": A L&"L
  *>GES A FLAT R5TAL FEE = AN A"P;T
  9CLUSIVE ( FURNITURE1 FIXTURES &
  APPLI.ES1 ! GUIDEL9ES \TL9$ 9 ! CURR5T
  V].N ( ,,IT-#DDC1 ,L1S+ ,PROP]TY--
  ,CAPITAL ,CO/ ,ALL[.E ,RE/RIC;NS1 %D 2
  REF]R$ 6IN ORD] 6DET]M9E IF AN ALLOC,N
  ( 9COME 2T ! R5TAL & L1S+ PROP]TIES IS
  NEC4






                                     #AE
      ,ALLOC,N ( ,9COME & ,EXP5SES   C#F
     ,2T ,L1S+ & ,R5TAL ,PROP]TIES
    
#AB4 ,": AN ALLOC,N ( 9COME 2T L1S+ &
  R5TAL PROP]TIES IS NEC 7SEE #AA ABV71
  ! ,,CCA IS TR1T$ SEP>ATELY = EA* TYPE
  ( PROP]TY & _C 2 A7REGAT$ & CLAIM$ AG/
  TOTAL R5TAL 9COME4 ,AL1 =! PURPOSES (
  SUBSEC;NS #AAJJ7#AA7 & 7#AE71 R5TAL
  FEES & EXP5SES M/ 2 APPOR;N$
--------------------------------------#G
  ON A R1SONA# BASIS 2T ! R5TAL & L1S+
  PROP]TIES4
#AC4 ,": AN ALLOC,N ( 9COME 2T R5TAL &
  L1S+ PROP]TIES IS N NEC1 ! RE/RIC;NS 9
  #AB ABV D N APPLY4 ,H["E1 ! TOTAL
  ,,CCA CLAIM$ 9 RESPECT ( BO? PROP]TIES
  _C EXCE$ ! -B9$ 9COME F BO? PROP]TIES4






                                     #AF
      ,MULTIPLE-,UNIT ,RESID5TIAL    A#G
                ,BUILD+S
    
#AD4 ,Z X APPLIES 6TAX,N YE>S 2F #AIID1
  P>AGRAPH #AAJJ7#AD77A7 PROVIDES T
  MULTIPLE-UNIT RESID5TIAL BUILD+S
  7,,MURB'S7 : QUALIFY Z PROP]TY ( CLASS
  #CA OR #CB >E EXCLUD$ F ! DEF9I;N (
  R5TAL PROP]TY4 ,? EXCLU.N W C1SE =!
  #AIID & SUBSEQU5T TAX,N YE>S4
  ,LIKEWISE1 P>AGRAPH #AAJJ7#AG77B7
  PROVIDES T = TAX,N YE>S PRIOR 6#AIID
  ONLY1 S* ,,MURB'S &! FURNITURE1
  FIXTURES OR EQUIP;T LOCAT$ )9 &
  ANCILL>Y "!TO >E EXCLUD$ F ! DEF9I;N (
  L1S+ PROP]TY4 ,": P>K+1 RECRE,N1
  S]VICE & /ORAGE FACILITIES >E N LOCAT$
  )9 ! QUALIFI$ ,,MURB1 AN ALLOC,N (
  REV5UE & DEDUC;NS 6R5TAL Z OPPOS$
  6L1S+ ACTIVITIES W 2 NEC ONLY IF S*
  FACILITIES >E US$ 9 A R5TAL OP],N
  SEP>ATE & UNRELAT$ 6! R5TAL (! UNITS
  3TA9$ 9 ! ,,MURB4
#AE4 ,NOT)/&+ ! -;TS 9 #AD ABV1 IF A
  ,,MURB IS ACQUIR$ AF ,JUNE #AG1    #AG
             ,,IT-#AIE;,R#D          B#G
  #AIHG X W 2 3SID]$ A R5TAL PROP]TY & W
  2 SUBJECT 6! ,,CCA RE/RIC;N4 ,H["E1 %D
  S* A ,,MURB 2 ACQUIR$ PURSUANT TO
  7A7 AN OBLIG,N 9 WRIT+ 5T]$ 960!
    TAXPAY] 2F ,JUNE #AH1 #AIHG1 OR
  7B7 ! T]MS (A PROSPECTUS1 PRELIM9>Y
    PROSPECTUS1 REGI/R,N /ATE;T1 (F]+
    MEMOR&UM OR NOTICE REQUIR$ 6BE FIL$
    )A PUBLIC AU?OR;Y 9 ,CANADA & FIL$
    2F ,JUNE #AH1 #AIHG ) S* PUBLIC
    AU?OR;Y1
  
  X W N 2 3SID]$ A R5TAL PROP]TY & W N 2
  SUBJECT 6! ,,CCA RE/RIC;N4

  ,= A4I;NAL -;TS ON ,,MURB'S : QUALIFY
  Z PROP]TY ( CLASS #CA OR #CB1 SEE !
  CURR5T V].N ( ,,IT-#CFG1 ,CAPITAL ,CO/
  ,ALL[.E--,MULTIPLE-,UNIT ,RESID5TIAL
  ,BUILD+S4



                                     #AH