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: Slight change in proposed transactions.
Position: Does not affect rulings given.
Reasons: Proposed distribution is still within the subsection 55(2) butterfly exemption of 55(3)(b).
XXXXXXXXXX
XXXXXXXXXX 2000-001537
XXXXXXXXXX
XXXXXXXXXX, 2000
Dear Sirs:
Re: XXXXXXXXXX
Advance Income Tax Ruling #3-992872
This is in reply to your facsimile request dated XXXXXXXXXX, wherein you requested certain changes to the proposed transactions described in advance income tax ruling #3-992872 dated XXXXXXXXXX, 1999 (the "Ruling") as a consequence of the parties desire to retain an undivided interest in the two properties described in subparagraph 8(b) of the Ruling rather than each party receiving a separate interest. You further advise that while certain of the proposed transactions have been completed the proposed transfer of the properties described in paragraph 22 is yet to be completed.
As a result of the above change we confirm that subparagraphs 22(i) and (ii) of the Ruling are cancelled and replaced as follows:
(i) the Family B Properties;
(ii) a XXXXXXXXXX % beneficial undivided interest in the Co-Tenancy Properties and the XXXXXXXXXX Properties;
Notwithstanding the above noted amendments to the proposed transactions, we confirm that, subject to the conditions set out therein, the rulings given in the Ruling will continue to be binding on the Canada Customs and Revenue Agency ("CCRA") in accordance with the practice outlined in Information Circular 70-6R3, dated December 30, 1996, provided that all the proposed transactions are completed in the manner otherwise described in the Ruling, as amended herein, before XXXXXXXXXX.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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