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:
Whether IT-448 fully reflects the Department's current administrative and rulings practice.
Position: Matter of law. IT-448 under review
Reasons: N/A
CORPORATE MANAGEMENT TAX CONFERENCE
JUNE 1996 ROUND TABLE
Changes In Terms of Debt Obligations
Question
Revenue Canada's Interpretation Bulletin IT-448, dealing with changes to the terms of securities, has been the subject of some controversy and confusion.
Can Revenue Canada provide any guidance as to whether IT-448 fully reflects the Department's current administrative and rulings practice?
Department's Position
Paragraph 7 of IT-448 as currently written provides examples which could or may result in a disposition of a debt obligation.
We are currently revising this bulletin to provide a clearer view on this issue, focusing on the fact that the settlement, extinguishment or disposition of a debt obligation is primarily a matter of law.
File: 961950
Date: June 5, 1996
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