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.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
941295
XXXXXXXXXX C. R. Brown
(613) 975-8954Attention: XXXXXXXXXX
May 20, 1994
Dear Sirs:
Re: Proposed Legislation on Negative Adjusted Cost Base
This is in reply to your letter of May 13, 1994 and further to our letter of May 10, 1994.
We confirm that an offering memorandum which meets the conditions described in the Release would not be precluded from benefiting from the transitional relief for the sole reason that there is no fixed offering amount stated in the offering memorandum. In such cases, the Department would rely upon the specific facts and circumstances to establish if the requirements for grandfathering were met, especially in determining if the sale of units and use of funds were substantially in accordance with the offering memorandum as it was before February 22, 1994.
We trust that these comments will be of assistance.
Yours truly,
for Director
Manufacturing Industries, Partnerships
and Trusts Division
Rulings Directorate
Legislative and Intergovernmental
Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1994
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© Sa Majesté la Reine du Chef du Canada, 1994
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