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 CCRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ADRC.
Principal Issues:
Minor changes.
Position: N/A
Reasons:N/A
XXXXXXXXXX 2001-010978
December 31, 2001
Dear XXXXXXXXXX:
Re: XXXXXXXXXX
Advance Income Tax Ruling
This is in reply to your letters of XXXXXXXXXX, and is supplemental to our advance income tax ruling number 2001-007326 dated XXXXXXXXXX, 2001 (the "Ruling").
As a result of your letter, the following change will be made to the Ruling:
In DEFINITIONS, (h) "Current Market Price" delete the reference to "95% of".
Notwithstanding the above change, we confirm that the Ruling will continue to be binding on the Canada Customs and Revenue Agency in the manner described therein, provided the proposed transactions are completed on or before XXXXXXXXXX.
In addition, we confirm that the technical legislative proposals for the matchable expenditure rules announced in the Finance News Release dated September 18, 2001 (2001-079) and tabled in the House of Commons as a detailed Notice of Ways and Means Motion to amend the Income Tax Act will not affect the rulings given, provided that neither the Partnership nor a Unit becomes a "tax shelter" within the meaning of subsection 18.1(1) of the Income Tax Act.
If we can be of any further assistance, please contact the writer.
Yours truly,
XXXXXXXXXX
for Director
Business and Partnerships Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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