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.
Principal Issues: Whether timber land being exchanged would qualify as former business property and replacement property for purposes of section 44 of the Act.
Position: Yes.
Reasons: The property being disposed of and the property being acquired are timber lands used in the same business of the taxpayer.
XXXXXXXXXX
XXXXXXXXXX 990830
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 1999
Dear Sirs:
Re: Advance Income Tax Ruling
XXXXXXXXXX
This is in reply to your facsimile dated XXXXXXXXXX in which you requested amendments to advance income tax ruling #990039 (the "Ruling").
1. Paragraph (d) of the definitions is amended to read:
"(d) "Company" is XXXXXXXXXX;"
2. The first sentence of paragraph 5 is amended to read:
"The Company Property consists of XXXXXXXXXX as described in paragraph 4 above."
3. Subparagraph 12(a) is amended to read:
"(a), part of (c), part of (d) and (e) of paragraph 11 above (the "XXXXXXXXXX Land");"
4. Subparagraph 12(c) is amended to read:
"all of the land described in (b) of paragraph 11 above except for XXXXXXXXXX."
5. The first sentence of paragraph 17 is amended to read:
"XXXXXXXXXX"
6. The third sentence of paragraph 17 is amended to read:
"XXXXXXXXXX"
Notwithstanding the above amendments, we hereby confirm that, subject to the conditions set out in the Ruling, the rulings given therein will continue to be binding on the Department provided that the proposed transactions are completed as described in the Ruling by XXXXXXXXXX.
Yours truly,
for Director
Resources, Partnerships and Trusts Division
Income Tax Rulings and Interpretations Directorate
Policy and Legislation Branch
2
.../cont'd
.../cont'd
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