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.
Principal Issues: 1) Whether Put Option (Liquidity Rights) is a 96(2.2)(d) benefit.
Position: Not ruling at this time
Reasons: We are currently studying the Ruling process
XXXXXXXXXX 2004-006296
Shaun Harkin, CMA
April 21, 2004
Dear XXXXXXXXXX:
Re: Request for Advance Income Tax Ruling
XXXXXXXXXX
We are writing in response to your letter of February 11, 2004, wherein you requested an advance income tax ruling on behalf of the above noted taxpayers.
We are currently undertaking a review of the overall advance income tax rulings process. Until this review is complete, we will not be issuing any advance income tax rulings where the issue involves the use of two-tiered limited partnerships to raise capital for existing businesses, with losses from such businesses being allocated to the investors/limited partners. We will make an announcement later this year when our study is completed.
Consequently, we have closed our file on this matter, and your initial deposit will be refunded.
Yours truly,
Wayne Antle, CGA
for Director
Business and Partnerships Division
Income Tax Rulings Directorate
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