1999 Ruling 9924003 - LOSS CONSOLIDATION - SUPPLEMENTARY

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:

Minor correction to facts.

Position TAKEN:

Requested amendment was incorporated into the Ruling by way of a Supplementary Ruling document.

Reasons FOR POSITION TAKEN:

While the amendment does not affect the Rulings given, the "facts" as set out in the Ruling should accurately reflect the taxpayers representations.

XXXXXXXXXX
XXXXXXXXXX 1-992400
XXXXXXXXXX

Attention: XXXXXXXXXX

XXXXXXXXXX, 1999

Dear Sirs:

Re: Advance Income Tax Ruling
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX Ruling # 992051 (the "Ruling")

This is in reply to your facsimile dated XXXXXXXXXX in which you requested an amendment to the Ruling issued to the above-referenced taxpayers on XXXXXXXXXX, 1999.

Following our review of your request, the Ruling is revised as follows:

In paragraph 6 line 6 the words "non-cumulative, non-voting redeemable class B shares" are replaced by the words "cumulative, non-voting redeemable class D shares".

In paragraph 6 line 8, the words "class B shares" are replaced by the words "class D shares".

Notwithstanding the above-mentioned changes, we confirm that the Ruling will continue to be binding on the Department in the manner described therein, provided that the proposed transactions are completed before XXXXXXXXXX.

Yours truly,

for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch

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