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18 April 2002 Internal T.I. 2002-0118827 F- DEBENTURES CONVERTIBLES-- summary under Subsection 18(9.1) Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(9.1) straight-line or present value method may be used in amortizing premium, and must relate to interest Regarding the potential application of s. 18(9.1) to a premium paid on the early cash redemption of convertible debentures, the Directorate indicated: “if part of the penalty relates to something other than interest, such as debt administration costs, it would not be deductible pursuant to subsection 18(9.1)” – although that did not appear to be the case here regarding s. 18(9.1) covering the amount of a penalty or bonus to the extent that it does not exceed the amount of the total interest that would otherwise have been payable but for the reduction or repayment, the “word ‘value’ in subsection 18(9.1) may therefore be interpreted as meaning the total value and not the present value of future interest payable.” ...

. … Computer software that is downloaded does not meet the characteristics of shrink-wrapped software. ...

. … [T]he expenses incurred by the taxpayer in suing his employer may not be deductible because the taxpayer did not receive compensation for the employment income lost during the suspension period. ...

20 August 2002 External T.I. 2002-0145225 F- Contingent Right to Acquire Shares-- summary under Paragraph 251(5)(b) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(5)- Paragraph 251(5)(b) s. 251(5)(b) not applied iteratively, where shareholders have a pro rata right to acquire another’s shares, and a contingent right to acquire those shares not taken up in the 1st round Situation 1 The shareholders' agreement between the five equal shareholders of Opco provides an obligation of each to sell its Opco shares equally to the others on the occurrence of specified events of fault such as, theft, bankruptcy a breach of any of the provisions of the agreement – but with provision for any shares not so taken up by one of the other shareholder to be divided equally for purchase by the other acquiring shareholders. ...

Consequently … the hypothecary creditor will not be able to include in the calculation of its capital dividend account the proceeds of a life insurance policy that it has received in payment of the debtor policyholder's debt because such proceeds are received only by the policyholder. ...

. … [T]he trips made by Employee A between his home and the Y service point on Tuesday and Thursday of each week are of a personal nature. ...

5 December 2002 External T.I. 2002-0172315 F- Contingent Right to Acquire Shares-- summary under Paragraph 251(5)(b) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(5)- Paragraph 251(5)(b) ss. 251(5)(b) and 256(1.4) applicable where the 3 equal shareholders agree that they must purchase the shares of anyone committing fraud – but not if redemption requirement The three equal unrelated individual shareholders of Opco (Messrs. ...

In the current situation … the estate replaces the taxpayer. …[I]t would therefore be possible for the estate to deduct from its income the amount of damages paid if it results from acts engaged in by the entrepreneur while carrying on his business and if this amount of damages is otherwise deductible in accordance with the requirements of IT-467R2-Draft ...

. … Thus, even if the deceased annuitant did not actually receive an amount representing the value of his RRIF, by the effect of the [s. 146.3(6)] deeming rule, the Act leads us to consider this to be so. ...

. … Monsieur was in fact released from any future obligation to pay support under the written agreement, since Madame was obliged to reimburse him for any subsequent support payments. ...