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STAFF REPORT ACTION REQUIREDExtension of Below Market Rent Occupancy at 666 Eglinton Avenue West Forest Hill Art Club Date:June 23, 2011To:Government Management CommitteeFrom:Chief Corporate Officer
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Who needs extension of below market?

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Individuals or organizations with a valid reason to extend below market may require the extension. This could include tenants who need more time to vacate a property, homeowners who want to continue receiving a below market rate, or businesses that require an extension for their operations in a below market space.
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An extension of below market refers to a formal request for additional time to comply with specific tax obligations related to below market loans.
Taxpayers who have below market interest loans or transactions involving below market interest rates are required to file an extension.
To fill out the extension of below market, one must complete the required forms, including relevant information about the loan terms, interest rates, and parties involved, and submit them to the appropriate tax authority.
The purpose of extension of below market is to provide taxpayers with additional time to report and comply with tax obligations related to below market interest loans.
The information that must be reported includes the loan amount, interest rate, repayment terms, and any agreements related to the below market terms.
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