Full-text translations of six of the APFF Roundtable items released on December 10, 2014 are listed and briefly described in the table below.
These (and the other translations covering the last 31 months of CRA severed letter releases) are subject to the usual (3 working weeks per month) paywall.
| Bundle Date |
Translated severed letter |
Summaries under |
Summary descriptor |
| 2014-12-10 |
10 October 2014 APFF Roundtable Q. 5, 2014-0534851C6 F - 2014 APFF Roundtable, Q. 5 - 251.1(3) Definition of "contributor" |
Income Tax Act - Section 251.1 - Subsection 251.1(3) - Contributor |
contributor includes decedent |
| 10 October 2014 APFF Roundtable Q. 6, 2014-0538251C6 F - 2014 APFF Roundtable, Q. 6 - Application of subsection 75(2) after Sommerer |
General Concepts - Rectification & Rescission |
no comment on Pallen Trust |
| 10 October 2014 APFF Roundtable Q. 7, 2014-0538281C6 F - 2014 APFF Roundtable, Q. 7 - Insured annuity |
Income Tax Act - Section 138 - Subsection 138(12) - Life Insurance Policy |
whether an annuity is assimilated to a life insurance policy |
| 10 October 2014 APFF Roundtable Q. 9, 2014-0538631C6 F - 2014 APFF Roundtable, Q. 9 - Currency conversions average foreign exchange rate |
Income Tax Act - Section 261 - Subsection 261(1) - Relevant Spot Rate |
use of spot rates for capital property |
| 10 October 2014 APFF Roundtable Q. 10, 2014-0538641C6 F - 2014 APFF Roundtable, Q. 10 - Application of 248(35), (36) and (37)(g). |
Income Tax Act - Section 248 - Subsection 248(35) |
s. 248(35) does not apply where gifted property previously was bequested on s. 70(6) rollover basis |
| Income Tax Act - Section 248 - Subsection 248(36) |
bequest on FMV basis |
| 10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F - 2014 APFF Roundtable, Q. 15 - Section 143.4 & Reverse Earn-out |
Income Tax Act - Section 143.4 - Subsection 143.4(2) |
reverse earnout obligation of Buyco re Target shares |
| Income Tax Act - Section 80 - Subsection 80(1) - Excluded Obligation |
reverse earnout obligation of Buyco re Target was excluded obligation |
Email this Content