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: In order to make election under regulation 1103(2d) does the taxpayer need to acquire property in class 43 in the year of disposition?
Position: No. If T\P has acquired class 43 property at any time before the end of the year in which the class 29 property is sold.
Reasons: Previous opinion letter. See also history of subsection.
XXXXXXXXXX
XXXXXXXXXX 2000-000147
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 2000
Dear Sirs:
Re: Advance Income Tax Ruling - XXXXXXXXXX
We are writing in response to our telephone conversations (XXXXXXXXXX) wherein you requested an amendment to advance income tax ruling #993171 dated XXXXXXXXXX, 1999 (the "Ruling") with respect to the above noted taxpayer.
As a result the following amendments are made to the Ruling:
1. Paragraph 10 is amended to delete the first sentence in that paragraph.
2. The second sentence in paragraph 12 is amended to delete the words "which provides for interim allocations before the end of a fiscal period".
We confirm that the above changes will not otherwise affect the rulings given in the Ruling and they will continue to be binding on the Canada Customs and Revenue Agency as indicated therein.
Yours truly,
for Director
Resources, Partnerships and Trusts Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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