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.
SUMMARY: Change in facts to Ruling 2005-015884—ITA-55(3)(b)—Advance income tax ruling—Amendments to advance income tax rulingas a result of a change in some of the underlying facts.
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: Change in facts to Ruling 2005-015884 [].
POSITION: Accepted.
REASONS: No impact on rulings given.
XXXXXXXXXX 2006-020801
XXXXXXXXXX, 2006
Dear Sirs:
Subject: XXXXXXXXXX.—Change in Facts to Advance
Income Tax Ruling #2005-015884 [] (the “Ruling”)
This is in reply to your facsimile letter of XXXXXXXXXX wherein you requested certain amendments to the Ruling that was issued to the above-noted taxpayers on XXXXXXXXXX, 2006. Unless otherwise defined, all capitalized terms have the meanings assigned to them in the Ruling and all references to paragraph numbers are to those in the Ruling. You also confirm that none of the Proposed Transactions described in the Ruling have been entered into.
We hereby confirm that the Ruling is amended as follows:
The reference to the “Class III.3 Shares” on the last line of the table in Paragraph 3 is replaced with “Class III.5 Shares”.
New paragraph 10.1 is added immediately after Paragraph 10 as follows:
10.1 In XXXXXXXXXX, DC disposed of one of the parcels of land included in the Development Lands to an arm's length purchaser for consideration consisting only of money. DC will report the resulting gain in its return of income that will be filed for the taxation year in which that disposition has occurred and will pay the associated income tax in accordance with the Act.
Notwithstanding the above, in accordance with the practice outlined in Information Circular 70-6R5, dated May 17, 2002, we confirm that subject to the conditions and time limit set out in the Ruling, the Ruling, as amended by the above, will continue to be binding on the Canada Revenue Agency as described therein.
Yours truly,
XXXXXXXXXX
Manager
Corporate Reorganizations Section II
Reorganizations and Resources Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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© Her Majesty the Queen in Right of Canada, 2006
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© Sa Majesté la Reine du Chef du Canada, 2006
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