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: This is a supplemental ruling to file # 2007-022628 involves a 212(1)(b)(vii) exemption- a change is required because paragraph 16 does not reflect this aspect of the transaction.
Position: 1. Accept minor change
Reasons: Only minor change made and no issues raised as a result of the change.
XXXXXXXXXX 2008-026536
XXXXXXXXXX , 2008
Dear XXXXXXXXXX :
Re: Advance Income Tax Ruling 2007-022628 (the "Ruling")
XXXXXXXXXX ("LP") BN XXXXXXXXXX
XXXXXXXXXX ("Finco") BN XXXXXXXXXX
This is in reply to your letter of XXXXXXXXXX wherein you request the following amendment to the advance income tax ruling number 2007-022628 (the "Ruling") dated XXXXXXXXXX, 2007 and is in addition to the supplementary ruling number 2007-024127 dated XXXXXXXXXX, 2007 on behalf of the above-named organizations.
As requested, paragraph 16 of the Ruling is deleted and replaced with the following:
"LP will use the funds in the proceeds account to make loans, or capital contributions, or a combination of loans and capital contributions, to the Project LPs as required to finance the cost of the development, construction, commissioning and operation by the Limited Partnerships of the Projects."
We confirm that the Ruling, as amended herein, remains binding on the Canada Revenue Agency subject to the same limitations and qualifications set out in the Ruling.
Yours truly,
XXXXXXXXXX
For Director
Financial Sector and Exempt Entities Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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