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 and |
| Director |
Regulations Division |
| Specialty Rulings |
Wm. R. McColm |
| |
957-2068 |
| |
File No. F-3546 |
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. BrysonActing DirectorCurrent Amendment and Regulations Division
Attach.
WmRMcC/jab
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