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: Venture Capital corporations Criteria
Position:Case by case review
Reasons: 39(4) election
971640
XXXXXXXXXX C. Tremblay
975-2744
Attention: XXXXXXXXXX
August 8, 1997
Dear Sirs:
Re: Venture Capital Corporations ("VCC")
This is in reply to your letter of June 19, 1997, wherein you asked us to confirm your understanding of the criteria required of a VCC to make an election under subsection 39(4) of the Income Tax Act (the "Act") as indicated in our file reference no 963480, dated February 7, 1997.
File reference no 963480 was intended to give general guidelines permitting a VCC to make a 39(4) election. Each election, however, would be considered on its own merits.
We trust our comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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