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:
Application of postion in IT-302R3 regarding effect of 111(4)(e) election after reassessment.
Position:
Position equally applicable to assessment and reassessment.
Reasons:
"assessment" includes a "reassessment" for purposes of the Act.
XXXXXXXXXX D.A. Palamar
5-971588
Attention: XXXXXXXXXX
July 10, 1997
Dear Sir:
This is in response to your letter of June 10, 1997 in which you asked us for our views in relation to paragraph 18 of Interpretation Bulletin IT-302R3 which provides as follows:
A corporation may designate, in its return of income for the taxation year ending immediately before control was acquired, the particular properties to which the provisions of paragraph 111(4)(e) are to be applied and their proceeds of disposition. The designation may also be made, or an earlier one revised, by prescribed form filed with the Department not more than 90 days after the date of mailing a notice of assessment of tax payable for that year or a notification that no tax is payable for that year.
You have asked us if the policy described in paragraph 18 with respect to an assessment is equally applicable to a reassessment.
In our view the policy stated in paragraph 18 of IT-302R3 would apply to a corporation receiving a notice of reassessment in the same manner as is described for a corporation receiving a notice of assessment.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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