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: amendment to ruling
Position: given sup
Reasons: full disclosure
XXXXXXXXXX 972419
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 1997
Dear Sirs:
Re: XXXXXXXXXX
We are writing in response to your letter dated XXXXXXXXXX wherein you requested a further amendment to advance income tax ruling 971963 dated XXXXXXXXXX, 1997 (the "Ruling") and amended by our letter 972360 dated XXXXXXXXXX, 1997.
As a result the following change is made to the Ruling.
New paragraph 31 is amended to add to the end of that paragraph the following sentence, "To the extent the Net Available Cash not applied in accordance with the preceding within 365 days from the date of such Asset Sale exceeds $XXXXXXXXXX ("Excess Proceeds") an offer must be made by XXXXXXXXXX to purchase the Notes to an aggregate principal amount equal to the Excess Proceeds."
We confirm that the above change will not otherwise affect the rulings given in the Ruling and they will continue to be binding on the Department as indicated therein.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
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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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