•“Deemed fair market value” rules
–Result of the government’s attempt to curtail abusive tax shelter donation schemes
–Not apply to inventory, real property or
an immovable situated in Canada,
certified cultural property, publicly
traded shares and ecological gifts
–FMV of donated property will be deemed to be the lesser of
§FMV of the property
§Cost (or the adjusted cost base) of the property to the tax-payer immediately before the gift is made
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