Cutting a piece of paper (4)
I believe the answer is:
slip
I believe this is a triple definition!
'cutting' is the first definition.
(I know that cutting can be written as slip)
'a piece' is the second definition.
(thesaurus)
'of' is a link.
'paper' is the third definition.
(I know that slip is a type of piece of paper)
(Other definitions for slip that I've seen before include "Slight mistake" , "Gaffe" , "potter has to cover?" , "have an accident" , "Mistake -- small piece of paper" .)