Translations of recent severed letters

Bundle Date Translated severed letter Summaries under Summary descriptor
2015-01-07 27 November 2014 External T.I. 2013-0503861E5 F - Application du paragraphe 248(16) Income Tax Act - Section 248 - Subsection 248(16) ETA s. 193 ITC claim does not reduce UCC under s. 85(1)(e)(i)
Income Tax Act - Section 85 - Subsection 85(1) - Paragraph 85(1)(e) ETA s. 193 ITC generated on drop-down does not reduce UCC at that time
27 October 2014 External T.I. 2013-0507001E5 F - Obligation de remplir un T2200 pour un employé Income Tax Act - Section 8 - Subsection 8(1) - Paragraph 8(1)(h.1) employer expected to provide T2200 if applicable
27 October 2014 External T.I. 2012-0471391E5 F - Entreposage d'inventaire à domicile Income Tax Act - Section 18 - Subsection 18(12) separate samples storage room part of home office
Income Tax Act - Section 8 - Subsection 8(13) inventory storage part of work place
23 September 2014 External T.I. 2013-0509021E5 F - Rajustement obligatoire Income Tax Act - Section 28 - Subsection 28(1) - Paragraph 28(1)(c) qualification of non-breeding animals as inventory
2 October 2014 External T.I. 2013-0491411E5 F - Allocation pour une automobile Income Tax Act - Section 3 compensation for car rides not received in the course of employment or a business
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(b) compensation for providing car rides not received in course of employment
2014-12-30 10 October 2014 APFF Roundtable, 2014-0538241C6 F - 75(2) and definition of "earned income" in 146(1) Income Tax Act - Section 146 - Subsection 146(1) - Earned Income character preservation of s. 75(2) attributed income
Income Tax Act - Section 40 - Subsection 40(3.6) basis adjustment for denied capital loss (otherwise subject to s. 75(2) attribution) at trust level
Income Tax Act - Section 75 - Subsection 75(2) character preservation of attributed income/basis adjustment for denied capital loss at trust level
2014-12-23 10 October 2014 APFF Roundtable, 2014-0538261C6 F - Disposition of capital interest/personal trust Income Tax Act - 101-110 - Section 107 - Subsection 107(2) issuance of note by trust is not distribution of trust property
Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Cost Amount note issuance is not trust property distribution to a beneficiary
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) non-deductible interest on note issued to beneficiary
10 October 2014 APFF Roundtable, 2014-0538221C6 F - Day Trading in RRSP Income Tax Act - Section 146 - Subsection 146(4) - Paragraph 146(4)(b) RRSP/RRIF day-trading of qualified investments is exempt
2014-12-17 7 November 2014 External T.I. 2014-0549571E5 F - Attribution rule Income Tax Act - Section 74.4 - Subsection 74.4(4) disqualification by interests held through a 2nd corporation
2014-12-10 10 October 2014 APFF Roundtable, 2014-0534821C6 F - Question 2 - APFF Round Table Income Tax Act - Section 212 - Subsection 212(1) - Paragraph 212(1)(l) non-resident survivor spouse must obtain SIN to make exempt transfer
10 October 2014 APFF Roundtable Q. 4, 2014-0534831C6 F - 2014 APFF Roundtable, Q. 4 - Late-filed 86.1 election & 220(3.5) penalty Income Tax Act - Section 86.1 - Subsection 86.1(2) general principles applied to relief of s. 86.1 late-election penalties
10 October 2014 APFF Roundtable Q. 4, 2014-0538231C6 F - 2014 APFF Roundtable, Q. 4 - Beneficially interested Income Tax Act - Section 248 - Subsection 248(25) legatee by particular title is included notwithstanding priority over heirs
10 October 2014 APFF Roundtable Q. 5, 2014-0534851C6 F - 2014 APFF Roundtable, Q. 5 - 251.1(3) Definition of "contributor" Income Tax Act - Section 251.1 - Subsection 251.1(3) - Contributor contributor includes decedent
10 October 2014 APFF Roundtable Q. 6, 2014-0538251C6 F - 2014 APFF Roundtable, Q. 6 - Application of subsection 75(2) after Sommerer General Concepts - Rectification & Rescission no comment on Pallen Trust
10 October 2014 APFF Roundtable Q. 7, 2014-0538281C6 F - 2014 APFF Roundtable, Q. 7 - Insured annuity Income Tax Act - Section 138 - Subsection 138(12) - Life Insurance Policy whether an annuity is assimilated to a life insurance policy
10 October 2014 APFF Roundtable Q. 9, 2014-0538631C6 F - 2014 APFF Roundtable, Q. 9 - Currency conversions average foreign exchange rate Income Tax Act - Section 261 - Subsection 261(1) - Relevant Spot Rate use of spot rates for capital property
10 October 2014 APFF Roundtable Q. 10, 2014-0538641C6 F - 2014 APFF Roundtable, Q. 10 - Application of 248(35), (36) and (37)(g). Income Tax Act - Section 248 - Subsection 248(35) s. 248(35) does not apply where gifted property previously was bequested on s. 70(6) rollover basis
Income Tax Act - Section 248 - Subsection 248(36) bequest on FMV basis
10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F - 2014 APFF Roundtable, Q. 15 - Section 143.4 & Reverse Earn-out Income Tax Act - Section 143.4 - Subsection 143.4(2) reverse earnout obligation of Buyco re Target shares
Income Tax Act - Section 80 - Subsection 80(1) - Excluded Obligation reverse earnout obligation of Buyco re Target was excluded obligation
10 October 2014 APFF Roundtable Q. 19, 2014-0538041C6 F - 2014 APFF Roundtable, Q. 19 - Stock dividend Income Tax Act - Section 15 - Subsection 15(1.1) not engaged if stock dividend is proportional
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) SI apportionment to stock dividend prefs
Income Tax Act - Section 74.4 - Subsection 74.4(2) non-application to stock dividend, cf. s. 86 reorg
Income Tax Regulations - Regulation 6205 - Subsection 6205(2) purpose test in Reg. 6205(2)(a) is not necessarily accomplished by all estate freezes/"arrangement" broad
10 October 2014 APFF Roundtable Q. 21, 2014-0538091C6 F - 2014 APFF Roundtable, Q. 21 - Impact of the Descarries Case Income Tax Act - Section 245 - Subsection 245(4) Descarries failed to recognize scheme against indirect surplus stripping
Income Tax Act - Section 248 - Subsection 248(28) will not impose double taxation under s. 84(2) and (3)
Income Tax Act - Section 84 - Subsection 84(2) Descarries failed to recognize breadth of s. 84(2)
10 October 2014 APFF Roundtable Q. 23, 2014-0538171C6 F - 2014 APFF Roundtable, Q. 23 - Winding-up of a partnership Income Tax Act - Section 98 - Subsection 98(3) no rollover where 2nd tier partnership acquires all partnership interests in 1st tier partnership
10 October 2014 APFF Roundtable Q. 24, 2014-0538181C6 F - 2014 APFF Roundtable, Q. 24 - Surplus accounts calculation Income Tax Regulations - Regulation 5907 - Subsection 5907(6) criteria for determining whether use by FA of Cdn$ presents fair picture of surpluses
10 October 2014 APFF Roundtable Q. 26, 2014-0538201C6 F - 2014 APFF Roundtable, Q. 26 - Cost of property General Concepts - Fair Market Value - Shares definition of FMV, which may differ from the s. 247 arm's length price
Income Tax Act - Section 247 - New - Subsection 247(2) arm's length transfer price prevails over FMV
Income Tax Act - Section 247 - New - Subsection 247(3) - Paragraph 247(3)(a) - Subparagraph 247(3)(a)(iii) general requirement for penalty elimination re transfer pricing capital setoff adjustment
10 October 2014 APFF Roundtable Q. 27, 2014-0538211C6 F - 2014 APFF Roundtable, Q. 27 - Various issues re: administration of the Act Income Tax Act - Section 150 - Subsection 150(1) - Paragraph 150(1)(a) reporting of income-generating websites on Sched. 88 (info only, but not bank, sites excluded)

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