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: Details requested re: previously issued ruling.
Position: General comments provided
Reasons: confidentiality
2000-003855
XXXXXXXXXX S. Tevlin
(613) 957-2093
Attention: XXXXXXXXXX
August 9, 2000
Dear Sirs:
Re: Canadian Film or Video Production Film Tax Credit
We are writing in response to your fax transmission dated July 19, 2000 concerning an advance income tax ruling previously given by this Directorate. As that ruling involved a particular taxpayer we are unable, for the benefit of confidentiality, to provide specific details of the transactions involved in that document. However, we are prepared to provide the following general comments.
Where a "qualified corporation", as that term is defined in section 125.4 of the Income Tax Act (the "Act"), sells only the master negative to a film which it owns, such sale, in and of itself, will generally not cause subsection 125.4(4) of the Act to apply where the purchaser does not at the time of the purchase nor in the future, carry on business in Canada, and has no permanent establishment in Canada.
The foregoing comments are given in accordance with the practice referred to in paragraph 21 of IC-70-6R3, and are not binding on the Canada Customs and Revenue Agency.
We trust our comments will be of assistance to you.
Yours truly,
Paul Lynch
for Director
Resources, Partnerships and Trusts Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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...cont'd
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