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:
Does property include money for the purposes of paragraph 55(3)(a).
Position:
Not in these circumstances.
Reasons:
In accordance with tax policy. See SPI for further details.
XXXXXXXXXX 1-970844
Attention: XXXXXXXXXX
XXXXXXXXXX, 1997
Dear Sirs:
Re: XXXXXXXXXX
Advance Income Tax Ruling 3-970402 (the "Letter")
Further to your letter of XXXXXXXXXX, the Letter is hereby amended to delete Ruling C on page 7 of the Letter and to replace it with the following:
C. Subsection 55(2) will not apply to the dividend referred to in Ruling A hereof by virtue of paragraph 55(3)(a) of the Act provided that there is no:
a) significant increase in interest in any corporation of any person (other than XXXXXXXXXX) to whom XXXXXXXXXX was not related; or
b) disposition of property to a person (other than XXXXXXXXXX) to whom XXXXXXXXXX was not related;
other than as described in the Proposed Transactions, which occurs as a part of a series of transactions or events (within the meaning of subsection 248(10)), which includes any of the Proposed Transactions.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1996
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© Sa Majesté la Reine du Chef du Canada, 1996
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