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.
DATE February 18, 1986
TO- Vancouver District Office
FROM- Specialty Rulings Directorate
G.C. Boehmer
(613) 957-2120
ATTENTION Chief of Audit
RE: XXXX
We are writing in connection with certain advance income tax rulings that were requested on behalf of XXXX. We have been requested to withdraw this rulings request as the taxpayers proceeded with the proposed transactions outlined in the rulings request without rulings being issued.
The proposed transactions outlined in the rulings request included the purchase of a partnership interest by XXXX in such a manner so as to permit a step-up in the cost to XXXX of the underlying partnership assets. As a result of the Release by the Department of Finance on December 4, 1985 (#85-216), new rules confining the effects of the step-up to non-depreciable capital properties apply where a member of a partnership acquired his interest in the partnership in an arm's length transaction after December 4, 1985, or where the member is a corporation, control of the corporation was acquired after December 4, 1985 otherwise than pursuant to an agreement in writing entered into on or before that date.
We would like to bring these transactions to your attention as we were not able to confirm that (XXXX) had an agreement in writing to acquire XXXX as of December 4, 1985. A copy of the rulings request is enclosed for your information.
Yours truly.
Chief Corporate Reorganizations Section Reorganizations and Non-Resident Division Specialty Rulings Directorate Legislative and Intergovernmental Affairs branch
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© Her Majesty the Queen in Right of Canada, 1986
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© Sa Majesté la Reine du Chef du Canada, 1986
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