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14 June 1990 Income Tax Severed Letter 14 June 1990 TO Appeals Branch Appeals & Referrals Division FROM Scientific Research Audit Applications Audit Programs Directorate R.P.Laramy 952-0605 Attention: J.E.Nordin SUBJECT: Current Expenditures of Sole-Purpose Scientific Research and Experimental Development (SR&ED) Corporations We are writing in reply to your memorandum which dealt with expenditures incurred by sole-purpose SR&ED companies. ... Advertising and selling expenses which constitute general administration and management expenses- Regulation 2902 (a) (i) (D) & (E) expenditures In our view, advertising and selling expenses that fall into this category would relate specifically to promoting the business of performing SR&ED, rather than promoting the product or process that is developed as a result of the SR&ED. ...

Il n'y a pas de limite quant à la durée d'une position découvert tant que le courtier du vendeur peut emprunter une quantité équivalente de titres vendus à découvert et que le vendeur maintient une couverture suffisante dans son compte découvert. {...) 5. ... No limit on duration of a short position There is no limit on the duration of a short position as long as the seller's broker can borrow an equivalent quantity of securities sold short and the seller maintains sufficient coverage in his short selling account. {...} 5. ...

Total compensation received: $1,500,000 Compensation for land and building: $1,200,000 Compensation for moving equipment: $ 300,000 Is the equipment considered to have been expropriated? ... Paragraph 20 mentions that "The compensation award determined by the expropriating authority may take into account, in addition to the fair market value of any expropriated property, several other factors such as: (...) costs of relocation, including moving costs (...) may form part of the proceeds of disposition of the property disposed of. ... "...for the purpose of gaining or producing income from the business or property ". ...

., for example, plainly says "... it makes no real difference in substance or as to the nature of the payments whether they arise through a "reservation", strictly so called, or a covenant. ... Commissioners of Inland Revenue, "the fact that people who, after all, now all about it, choose in their agreement to refer to these annual sums *** as "royalties", is a matter not to be entirely neglected". ... Gregory & Co. 196 1 Q. B., 147; B. L. Grain Ltd. v. Ashton et al (1949) or 303). ...

Department's Position The wording of paragraph 60(j.1) refers to "an employer" and in clause 60(j.1)(ii)(a) to "... years... employed by the employer or a person related to the employer... ... Although the Act does not provide for a designation to be filed after a return of income has been filed for a particular taxation year, the Department is prepared to consider a reassessment of only the excess (deemed proceeds over safe income) if all of the following conditions are met: • the client made a reasonable attempt to calculate the safe income amount at the beginning of the series of transactions,-the transaction has been reported,- the residual amount (the excess of the proceeds over the client,s safe income) has been reported as a capital gain in the client's return of income when filed, and- the client requests in writing that the Department reassess only the excess. ...

The reference in 73(3) to "... eligible capital property in respect of a business carried on in Canada by a taxpayer... ...

You made reference to the fact that the IRS in the United States are treating such expenditures as being on account of capital, according to a published article in The Financial Post, dated November 25, 1992 which reads, in part, "... new IRS ruling prohibiting the deduction of costs associated with asbestos removal... ...

Yours truly, XXXXXXXXXX for Director Financial Industries Division Income Tax Rulings Directorate Policy & Legislation Branch ...

Consequently, its four founding shareholders currently own the common shares of Lossco as follows: Shareholder # of common shares Country of Residence Profitco XXXXXXXXXX Canada Forco1 XXXXXXXXXX United States XXXXXXXXXX ("Forco2") XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX ("Forco3") XXXXXXXXXX XXXXXXXXXX Profitco's aggregate adjusted cost base and aggregate paid-up capital attributable to its XXXXXXXXXX common shares of Lossco is $XXXXXXXXXX. 5. ...

., 0.5 x (average net income /0.095 + (0.75 x net worth))- $125,000). ...