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14 June 2007 Internal T.I. 2007-0229311I7 F- Capital Dividend Account-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt making accounting entries does not constitute payment of a dividend After noting that payment of two back-to-back capital dividends (from “Subco” to “Parentco,” and form it to its individual shareholder) had been accomplished only by accounting entries, the Directorate found that this was insufficient to give rise to a capital dividend “received” by Parentco, so that there had been no addition to its capital dividend account. In this regard, it stated: [T]he mere making of the accounting entries … does not in itself constitute the payment of a dividend … by either Subco or Parentco. … [H]owever … a dividend can be paid by a corporation and received by its recipient without any monetary movement, for example, by the issuance of a demand note that is accepted as an absolute payment by the recipient. ...

10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F- 2014 APFF Roundtable, Q. 15- Section 143.4 & Reverse Earn-out-- summary under Subsection 143.4(2) Summary Under Tax Topics- Income Tax Act- Section 143.4- Subsection 143.4(2) reverse earnout obligation of Buyco re Target shares A newly formed corporation ("Newco") purchases the shares of a target corporation ("Target") for consideration that includes an earn-out clause (resulting in a debt which is subsequently forgiven). ... However we can offer the following general comments which nonetheless, in some circumstances, would not apply in a particular situation. … … (a) …[A] reduction in the cost of the shares in the capital stock of Target through the application of subsection 143.4(2) prior to the amalgamation would in general permit the debt to qualify as "excluded obligation" as defined in subsection 80(1), by reason of the application of paragraph (a) of that definition. ...

30 October 2003 External T.I. 2003-0037465 F- Subsections 40(3.3) & 40(3.4)-- summary under Subsection 40(3.4) Summary Under Tax Topics- Income Tax Act- Section 40- Subsection 40(3.4) non-application of s. 40(3.4) where taxpayer acquires then immediately disposes of an additional block/ application of formula where it partially dips into existing block A taxpayer described in s. 40(3.3)(a), which on January 1, 200X had held 100 common shares of Pubco for at least three months, acquired an additional 50 shares on June 1, 200X, and on June 2, 200X, disposed of those additional shares to an unaffiliated person, sustaining a capital loss.. ... CCRA indicated that although s. 40(3.4) would apply, under its administrative position, only 1/2 of the taxpayer's loss would be considered to be nil under s. 40(3.4)(a) under the formula: Deemed nil loss = (the lesser of S, P and B) / S x L where S = the number of shares disposed of at that time 100 P = the number of shares acquired during the period described in paragraph 40(3.3)(b) 50 B = the number of shares remaining at the end of that period 50 L = the loss on the disposition otherwise determined And therefore: Deemed nil loss = 50 / 100 x L CCRA indicated that s. 40(3.4) would apply to the entire loss arising under a second variation, under which, on June 1, 200X, the taxpayer disposed of 50 of the 100 Pubco common shares and on June 2, 200X, acquired an additional 50 Pubco common shares of Pubco. ...