Principal Issues: Whether a lossco will be entitled to apply its non-capital losses against the interest income generated as part of the loss consolidation transactions and whether profitcos will be entitled to deduct the corresponding interest expense.
Position: Yes.
Reasons: Conforms to our requirements for such rulings.
Submitted by narmstrong on Tue, 04/17/2018 - 20:32
2 successive permitted exchanges in cross-border butterfly/deferred revenue not a liability/agreements between DC And TC re certain allocations so as to affect 3 types of property
Background
All of the common shares of Canadian DC are owned by Forco 2 which, in turn, is wholly-owned by Forco 1 which, in turn, is...
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2 successive permitted exchanges in cross-border butterfly/deferred revenue not a liability/agreements between DC And TC re certain allocations so as to affect 3 types of property
1699
Principal Issues: Did the proposed cross-border butterfly qualify for the exemption in paragraph 55(3)(b) from the butterfly denial rule in subsection 55(2)?
Position: Yes.
Reasons: Meets the statutory requirements and our prior positions and rulings on cross-border butterfly reorganizations.
Submitted by narmstrong on Mon, 04/02/2018 - 18:53
where land transferred under s. 85(1) along with terminal loss building, elect high with a view to s. 13(21.1)(a) applying to reduce the land proceeds to ACB
Part of s. 55(3)(a) spin-off and immediate sale
It is proposed that the Property be spun-off by Subco to a newly-incorporated subsidiary of Parent...
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where land transferred under s. 85(1) along with terminal loss building, elect high with a view to s. 13(21.1)(a) applying to reduce the land proceeds to ACB
where land transferred under s. 85(1) along with terminal loss building, elect high with a view to s. 13(21.1)(a) applying to reduce the land proceeds to ACB
where land transferred under s. 85(1) along with terminal loss building, elect high with a view to s. 13(21.1)(a) applying to reduce the land proceeds to ACB
s. 86(1) applied where “dirty” s. 85 exchange mechanic used, but no s. 85 election made
93
Principal Issues: Where 13(21.1) denies a terminal loss on the disposition of a building and deducts the terminal loss from the proceeds of disposition of associated land, are the proceeds of disposition referred to those that are the agreed amount pursuant to an election under 85(1)?
Position: Yes.
Reasons: The agreed amount is, pursuant to 85(1)(a), deemed to be the proceeds of disposition of the property and it is those proceeds of disposition to which 13(21.1) applies (XXXXXXXXXX).
one individual's work can qualify multiple farming corps
134
Principal Issues: 1. Has the position outlined in 2008-0303761E5 changed? 2. Would this position apply to subsections 73(3.1) and 73(4.1)?
Position: 1. No 2. Yes.
Reasons: 1. The relevant provisions have not been amended and no ITRD documents imply that we should conclude differently. 2. The provisions dealing with an inter vivos transfer deal with the same types of property and contain substantively similar conditions as subsections 70(9) and 70(9.2).
