30 November 1995 Ruling 9632963 - DISTRESS PREFERRED SHARES - AMENDMENT RULING

Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.

Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.

Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.

XXXXXXXXXX							1-963296
XXXXXXXXXX

Attention: XXXXXXXXXX

XXXXXXXXXX, 1996

Dear Sirs:

Re: XXXXXXXXXX
Advance Income Tax Ruling 962036 (the "Ruling")

This is in response to your letter of XXXXXXXXXX wherein you have requested certain amendments to the Ruling dated XXXXXXXXXX, 1996.

The Ruling is hereby amended as follows:

1.The last sentence of paragraph 7 is modified to add the words "latter two" after the word "these".

2.The following is added to paragraph 22 of the Ruling:

XXXXXXXXXX

XXXXXXXXXX

3.Subparagraph (d) of the Excess Cash Flow definition in paragraph 43 of the Ruling is amended and replaced with the following:

(d)loans to any shareholder, director or other persons, firms or corporations, except advances to XXXXXXXXXX for the purpose of enabling it to carry on the normal and ordinary course of its business relating to XXXXXXXXXX.

We confirm that the Ruling as amended above will continue to be binding in the manner set forth therein.

Yours truly,

for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch