ERRATUM for our August Letter

In our August Letter, there was an error in the last sentence of the second paragraph under the heading “Sale Of Building With Terminal Loss And Land With Gain”. It should read:
“In general terms, a terminal loss on the sale of a building occurs when you sell the building for proceeds that are less than the undepreciated capital cost (UCC) of the building – normally meaning that the building was previously under-depreciated for income tax purposes relative to its actual value”. (Emphasis added to correct the error.)