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: minor changes
Position: minor changes
Reasons: no impact on rulings
XXXXXXXXXX 2001-008754
XXXXXXXXXX, 2001
Dear XXXXXXXXXX:
RE: XXXXXXXXXX
Supplementary Advance Income Tax Ruling
This is in reply to your letters of XXXXXXXXXX and our (XXXXXXXXXX) telephone conversation of XXXXXXXXXX, and is supplemental to our advance income tax ruling number 2000-006120 dated XXXXXXXXXX, 2001 (the "Ruling").
As a result of your letter, the following changes will be made to the Ruling:
1. Delete "in an amount equal to the aggregate of the cost amounts of all such Assets to the Partnership" in paragraph 12.
2. Delete paragraph 14(b) and replace it with the following:
"(b) a promissory note shall be issued to each Principal equal to a XXXXXXXXXX interest in the Note."
3. Insert "more than" before "XXXXXXXXXX" in paragraph 16(e).
4. Insert "semi-" before "monthly" in paragraph 19(c).
5. Delete "paid" and replace it with "payable" in paragraph 20(e).
6. Delete "the majority of issued shares and" and delete "officer and" in the first sentence in paragraph 24.
7. Insert "and participating preferred shares" after "non-voting common shares" in the second sentence of paragraph 24.
Notwithstanding the above changes, we confirm that the Ruling will continue to be binding on the Canada Customs and Revenue Agency in the manner described therein, provided that the proposed transactions are completed by XXXXXXXXXX.
If we can be of any further assistance, please contact the writer.
Yours truly,
XXXXXXXXXX
for Director
Business and Partnerships Division
Income Tax Rulings Directorate
Policy and Legislation Branch
c.c.: XXXXXXXXXX
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