Principal Issues: Rulings (1) Whether the settlement of some debts will result in a "forgiven amount" as defined in subsection 80(1), (2) Will the transfer of Holding Trust assets to Trust B be a "qualifying disposition" within the meaning of subsection 107.4(1), (3) Whether the transfer of property from Trust B to the Fund will constitute a "qualifying exchange" in subsection 132.2(1), (4) Whether the proposed transaction will affect the Funds qualification as a mutual fund trust, (5) Whether 253.1 of the Act will apply, (6) Whether the proposed transactions cause the Fund to exceed the Normal Growth Guidelines as set out by the Dept. of Finance on December 15, 2006, (7 ) Whether the consolidation of the Fund units held by the unit holders will result in a disposition of the Fund units by the unit holders, (8) Whether subsection 245(2) will be applied to re-determine any of the tax consequences confirmed in the rulings given. Opinion: Whether proposed subsection 143.3(4) will apply for purposes of determining the forgiven amount in respect of the Holding Trust notes.
Position: Rulings (1) No, (2) Yes, (3) Yes, (4) No, (5) Yes, (6) No, (7) No, (8) No Opinion: No
Reasons: In compliance with the law