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.
5-950619
XXXXXXXXXX Peter Lee
(613) 957-8977
Attention: XXXXXXXXXX
July 28, 1995
Dear Sirs:
Re: Adventure in the Nature of Trade
This is in reply to your letter of March 1, 1995 wherein you requested our views with respect to subsection 66(5) of the Income Tax Act.
For purposes of subsection 66(5) of the Act, it is always a question of fact as to whether a taxpayer would be considered to be in the business of trading or dealing in rights, licences or privileges to explore for, drill for or take minerals, petroleum, natural gas or other related hydrocarbons.
These comments represent our general views on the subject matter. As indicated in paragraph 21 of Information Circular 70-6R2, these comments do not constitute an advance income tax ruling and accordingly are not binding on the Department.
Yours truly,
A/Chief
Resource Industries Section
Manufacturing Industries, Partnerships
and Trusts Division
Income Tax Rulings and Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1995
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© Sa Majesté la Reine du Chef du Canada, 1995
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