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.
February 22, 1990
Mr. M.A.G. Hiltz Current Amendments
Director and Regulations
Division
Specialty Rulings Wm.R. McColm
957-2068
EAC3546
Subsection 15(1)
The Department of Finance has written, a copy of their letter is attached, asking for an interpretation of subsection 15(1) of the Income Tax Act in a particular fact situation they describe.
In addition to the facts described in their letter, we have been told to assume that there was only one class of shares, there were no V-Day value considerations involved, and the transaction was not tax motivated.
May we have your comments. In our view subsection 15(1) would not apply in the circumstances described.
B.J. Bryson
Acting Director
Current Amendment and
Regulations Division
Attach.
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