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.
Dear Sirs:
RE: Your file XXX, Section 55of the Income Tax Act
This is in reply to your letter of November 22, 1979 in which you requested an opinion with respect to the effect of section 55 on a hypothetical situation.
As you are aware, in the Budget of December 11, 1979 extensive amendments were proposed to section 55. Although the proposals in the Budget will not become law, it is probable that amendments will be made to section 55 and that such amendments will be effective as of December 11, 1979.
Since the form of such amendments is not ascertainable at this time, we are unable to advise you whether the type of transaction which concerns you will be acceptable to the Department.
If you wish to discuss this problem on an informal basis, please contact the writer.
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© Her Majesty the Queen in Right of Canada, 1980
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© Sa Majesté la Reine du Chef du Canada, 1980
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