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:
Does section 79 apply only to secured creditors?
POSITION TAKEN:
Section 79 applies to secured and non secured creditors.
REASONS FOR POSITION TAKEN:
Department's longstanding public position is that section 79 applies to both secured and unsecured creditors.
FINANCE OPINION:
N\A
JURISPRUDENCE:
Moysey v. R., 92 DTC 1861 at 1865.
RCT PUBLICATIONS:
- Paragraph 1 of IT-505 - Q. 56 at 1988 Conference Report.
HAA NUMBER:
5741-193122-1
Financing, Leasing and Plans
Jan 5, 1994
Does section 79 apply only to secured creditors?
79
This issue has been raised in 1993 at the Edmonton\CICA Roundtable.
The Department's longstanding public position is that section 79 applies to both secured and unsecured creditors, and there is no basis in law to change this position.
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© His Majesty the King in Right of Canada, 1994
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© Sa Majesté le Roi du Chef du Canada, 1994
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