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:
classification of licences for exploration and storage of oil and gas
Position:
Canadian resource property
Reasons:
definition in 66(15)
971127
XXXXXXXXXX Denise Dalphy
(613) 957-9231
Attention: XXXXXXXXXX
May 20, 1997
Dear Sirs:
Re: Canadian resource property
This is in reply to your facsimile transmission of April 28, 1997 wherein you requested our opinion on the tax treatment of certain amounts.
The term "Canadian resource property" is defined in subsection 66(15) of the Income Tax Act (the "Act"). This definition includes, inter alia, "any right, licence or privilege to explore for, drill for or take petroleum, natural gas or related hydrocarbons in Canada" and "any right, licence or privilege to store underground petroleum, natural gas or related hydrocarbons in Canada". Accordingly, the provisions of subdivision (e) of Part I of the Act would apply to dispositions of such properties.
We enclose a copy of Interpretation Bulletin 125-R4 for your reference.
Yours truly,
for Director
Resources, Partnerships and
Trusts Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
Enclosure
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© Her Majesty the Queen in Right of Canada, 1997
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© Sa Majesté la Reine du Chef du Canada, 1997
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