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: Amendments to Ruling 2002-015768
Position: The amendments are acceptable
Reasons: N/A
XXXXXXXXXX 2003-003461
XXXXXXXXXX, 2003
Dear XXXXXXXXXX:
Re: XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
Amendments to Advance Income Tax Ruling 2002-015768
Further to your email of XXXXXXXXXX, we confirm the following amendments to the above-noted advance income tax ruling issued on XXXXXXXXXX, 2003 (hereinafter referred to as the "Ruling").
PROPOSED TRANSACTIONS
1. In Paragraph 16, the table and the immediately following paragraph are replaced with the following:
Asset FMV
Dco common shares XXXXXXof the FMV of the Dco shares and advances held by Aco
Bco common shares $ XXXXXXXXXX
Cco preferred shares $ XXXXXXXXXX
XXXXXXXXXX $XXXXXXXXXX
XXXXXXXXXX $ XXXXXXXXXX
Net current assets XXXXXXXXXX of the FMV
For greater certainty, XXXXXXXXXX will be classified as cash or near-cash property for the purposes of this distribution since an agreement has been reached for the sale of this property with a closing date of XXXXXXXXXX.
2. The following paragraph will be added after Paragraph 19:
19.1. Immediately following the setting off of debts described in Paragraph 19 above, Aco will purchase the XXXXXXXXXX% interest in XXXXXXXXXX owned by Yco for its fair market value of $XXXXXXXXXX.
RULINGS GIVEN
3. In the paragraph immediately following Ruling F, the time for completing the proposed transactions is extended to XXXXXXXXXX.
We confirm that the amendments enumerated above will not otherwise affect the rulings given in the Ruling and that, subject to the conditions set out therein, they will continue to be binding on the Canada Customs and Revenue Agency in accordance with the practice outlined in Information Circular 70-6R5 dated May 17, 2002.
Yours truly,
for Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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