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.
Principal Issues: extend position on 85(1)(b) to 97(2)
Position:no
Reasons:position under review so no extensions will be considered
5-970224
XXXXXXXXXX D. Yuen
Attention: XXXXXXXXXX
February 7, 1997
Dear Sirs:
Re: Paragraph 85(1)(b) of the Income Tax Act1
We are writing in response to your letter of January 24, 1997 wherein you requested our opinion on whether our administrative position on paragraph 85(1)(b), as described at the 1996 Corporate Management Tax Conference, would apply to transfers of property under subsection 97(2). As indicated in our response at the conference, this position is under review and it will not be extended beyond the precise situations set out in our public pronouncements.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings and Interpretations Directorate
Policy and Legislation BranchENDNOTES
1 All statutory references in this letter are to the Income Tax Act (Canada), R.S.C. 1985 (5th Supp.) c. 1, as amended.
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