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.
| File |
Bill Guglich |
| |
957-2102 |
SUBJECT: Involuntary Disposition of a Corporation
Although not free from doubt we have taken the position that where a corporation has been revived there has been no disposition by the corporation of the assets that it owned when it was involuntarily dissolved and which were not disposed of by Her Majesty. This position is consistent with the Department's views in IT-444 respecting the shares of the revived corporation.
There is no record that the Department has previously dealt with the issue of the tax treatment of the assets of a corporation involuntarily dissolved and later revived.
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We located in our research files only one previous referral concerning an involuntary dissolution of a Nova Scotia corporation (which was not revived). The assets in that case were distributed to the shareholders. We referred to Current Amendments at that time our concerns regarding the question of a disposition of assets on the involuntary dissolution of a corporation. We did not consider another referral to Current Amendments was necessary at this time.
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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