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:
none. Changed wording of redemption amount.
Position:
Reasons:
XXXXXXXXXX 1-972439
XXXXXXXXXX
XXXXXXXXXX, 1997
Dear Sir:
Re: Advance Income Tax Ruling 3-960376
dated May 14, 1996 (the "Ruling")
XXXXXXXXXX
We are writing in response to your telephone call of XXXXXXXXXX wherein you informed us of a change required in the Ruling.
The second sentence of paragraph 15 of the Ruling will be replaced with the following:
"The class A special preferred shares will have an aggregate redemption and retraction amount equal to the fair market value of the properties to be transferred as described in paragraph 18 below."
You have advised us that there have not been any changes to the relevant facts and proposed transactions as described in the Ruling.
Subject to the conditions stated therein, we confirm that the Ruling will continue to be binding on Revenue Canada.
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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