2000 Ruling 2000-0044483 - AVOIDANCE OF DEBT RESTRICTION RULE

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:

Request for an amendment to an advance income tax ruling.

Position TAKEN:

Requested amendment was incorporated into the Ruling by way of a Supplemental Ruling document.

Reasons FOR POSITION TAKEN:

To clarify and provide additional comfort to the taxpayer.

XXXXXXXXXX 							2000-004448

Attention: XXXXXXXXXX

XXXXXXXXXX , 2000

Dear Sirs

Re: Advance Income Tax Ruling
XXXXXXXXXX - Ruling # 2000-003842

This is in reply to your facsimile dated XXXXXXXXXX in which you requested amendments to the Ruling issued to the above-referenced taxpayer on XXXXXXXXXX, 2000 (the "Ruling").

Following our review of your request, the Ruling is revised as follows:

Insert new Ruling B.1 which reads:

For purposes of paragraph 149.1(3)(d) of the Act, the Foundation will not be considered to have incurred the debt (mortgage financing) described in paragraphs 7 and 8 above.

Notwithstanding the above-mentioned changes, we confirm that the Ruling will continue to be binding on the Agency in the manner described therein, provided that the proposed transactions are completed before XXXXXXXXXX.

Yours truly,

for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch

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