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.
Revenue Canada Taxation Head Office
XXXX
1-719 supp. to 3-2155 Frank S. Gillman (613) 957-8953
April 19, 1989
Dear Sirs:
Re: XXXX Advance Income Tax Ruling
This follows our telephone conversation (Gauvreau/XXXX) regarding your ruling requesting confirmation that the provisions of the draft Exploration Agreement (the "Agreement") which you provided us satisfy the requirements of subsection 66(12.6) and paragraph 66(15)(d.1) of the Income Tax Act. In addition, you requested our opinion whether the Agreement will cause by itself the shares of the public resource company issued to the Partnership to be "prescribed shares" within the meaning of section 6202.1 of the draft Income Tax Regulations and the prevention of the public resource company from effecting a valid renunciation of Canadian exploration expense to the Partnership.
As you have been informed during the above-mentioned telephone conversation, we are unable to issue the above advance income tax ruling and opinion as requested in that a complete and detailed statement of the relevant facts reflected in the agreement must be included in the statement of facts and not merely incorporated in the request by reference, and must be accompanied by an analysis of their bearing on the issue or issues, specifying the pertinent provisions and the specific concerns which exist. This policy of Revenue Canada, Taxation is expressed at paragraph 16 of Information Circular 70-6R, dated December 18, 1978.
Accordingly, we wish to confirm that we have closed our files on the said request.
Yours truly,
Director Bilingual Services and Resource Industries Division Rulings Directorate
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© His Majesty the King in Right of Canada, 1989
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© Sa Majesté le Roi du Chef du Canada, 1989
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