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.
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922719 |
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Bill Guglich |
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(613) 957-2102 |
November 30, 1992
Toronto District OfficeBusiness and General DivisionTom HayesSection 143 - 54Business Audit
24(1)
This is in reply to your round-trip memoranda of Sept. 9 & 10, and October 10, 1992 concerning a capital loss carry back. The taxpayer reported non-capital losses in the years 1988, 1989 and 1990 which were applied in whole in 1989 and 1990 and in part in 1988 against capital gains in the respective years. In 1991 the taxpayer had a capital loss and a non- capital loss. In addition unpaid bonuses are now to be added back to income in the years 1988 and 1989.
The taxpayer wishes to carry back the 1991 capital loss to offset the capital gains in 1988 and 1989 and thereby reinstate the non-capital losses for those years. The bonus add backs in 1988 and 1989 would then be offset against the reinstated non-capital losses in those years.
It is our view that, provided the 1988 and 1989 taxation years are still open for reassessment pursuant to subsection 152(4) of the Act, the Department may accede to the taxpayers request.
We trust this will be of assistance to you.
E. Wheelerfor DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch
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