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Path: utzoo!utcsrgv!dave
From: dave@utcsrgv.UUCP (Dave Sherman)
Newsgroups: net.taxes
Subject: Re: Houses, Death and Taxes
Message-ID: <2775@utcsrgv.UUCP>
Date: Sun, 20-Nov-83 01:33:41 EST
Article-I.D.: utcsrgv.2775
Posted: Sun Nov 20 01:33:41 1983
Date-Received: Sun, 20-Nov-83 03:00:30 EST
References: <590@houxz.UUCP>
Organization: The Law Society of Upper Canada, Toronto
Lines: 16

Yes, my understanding is also (as houxz!halle1 says) that capital
gains are forgiven on death. In Canada that is not the case. We have
no official "death duties", but a "deemed disposition" of all capital
property at fair market value*, unless the property is left to a spouse
or spousal trust. The deceased's estate then has to pay tax on all the
underlying but unrealized capital gain.

_____________
* Unless the property is depreciable property, in which case the
deemed disposition is deemed to be for proceeds of disposition equal
to the average of fair market value and undepreciated capital cost.


Dave Sherman
-- 
 {allegra,cornell,decvax,ihnp4,linus,utzoo}!utcsrgv!dave