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.
RULINGS DIRECTORATE
CORRESPONDENCE SUMMARY
Principal Issues:
Acceptable Distress Preferred Share ("DPS") proposal given in File 961598. XXXXXXXXXX now requesting DPS for additional creditor/lender.
Position TAKEN:
Favourable ruling issued.
Reasons FOR POSITION TAKEN:
Default/impending default met with respect to existing debt notwithstandng that certain debts have already been refinanced with DPS.
XXXXXXXXXX 962809
Attention: XXXXXXXXXX
XXXXXXXXXX, 1996
Dear Sirs:
Re: Advance Income Tax Ruling Request
XXXXXXXXXX
This is to advise that the definition of "Excess cash flow" in paragraph 47 of the XXXXXXXXXX, 1996 Ruling (our file 961598) will, as of the issue date of the Subco C shares, be replaced with paragraph 27 of our Ruling 962809, dated XXXXXXXXXX, 1996.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy & Legislation Branch
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