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: The taxpayers are proposing to request the courts to permit them to carry out a share for share exchange without dissent rights. The issue is whether this amendment will affect the rulings given. In particular, we ruled on the application of section 85.1.
Position: The amendment does not affect the rulings given.
Reasons:
XXXXXXXXXX 2001-009063
XXXXXXXXXX, 2001
Dear Sirs:
Re: XXXXXXXXXX
This is in reply to your letter of XXXXXXXXXX, wherein you requested certain amendments to the advance income tax ruling issued on XXXXXXXXXX, 2000, (the "Ruling")(our reference 2000-0022943).
All capitalized terms have the meaning assigned in the Ruling.
1. The Ruling will be amended by adding paragraph 6A just before paragraph 6 of the Proposed Transactions as follows:
"6A. Following approval of the proposed transactions in a meeting of the members of XXXXXXXXXX, an application will be made to the courts XXXXXXXXXX for approval of the sale and exchange of assets and securities without dissent rights."
2. Paragraph 7 of the Ruling will be deleted.
3. The first sentence of Paragraph 8 of the Ruling will be deleted and replaced with the following:
XXXXXXXXXX.
We confirm that the above amendments will not affect the rulings given in the Ruling. We further confirm that the rulings will be binding as noted in the Ruling provided that the proposed transactions are completed before XXXXXXXXXX.
Yours truly,
for Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 2001
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