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.
Dear XXX
This is in reply to your letter dated February 28, 1980 in which you asked whether or not the comments in Interpretation Bulletin IT-115R concerning the receipt of cash or other consideration in lieu of fractional shares, also applies when such consideration is in lieu of fractional shares arising on a share for share exchange pursuant to section 85.1 of the Income Tax Act. We regret the delay in our reply.
We confirm that the Department's practice set out in paragraphs 1(a), 1(b) and 2 of Interpretation Bulletin IT-115R applies to fractional interests in shares that arise on transactions pursuant to section 85.1 of the Act. The Department is presently preparing an Interpretation Bulletin concerning share for share exchanges which will reflect this practice.
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© Her Majesty the Queen in Right of Canada, 1980
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© Sa Majesté la Reine du Chef du Canada, 1980
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