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You advise that to the best of your knowledge and that of the taxpayer referred to above, none of the issues involved in the ruling request has been considered by a taxation services office or a taxation centre in connection with a tax return already filed, and none of the issues involved in the ruling request is the subject of any notice of objection or is under appeal. ... Excess Cash Flow in respect of each fiscal period of A Co shall be the changes in cash flow for the period of A Co from all sources, as would be reported on a Consolidated Statement of Changes in Financial Position prepared in accordance with generally accepted accounting principles, if only directly and indirectly wholly-owned subsidiaries of A Co and Partnership A were so included, but before outlays for: a) payment of dividends, other than dividends paid on the DPS; b) purchase or redemption of any shares of A Co or the repayment of loans other than those debts referred to in (d)(ii) to (v) below; c) loans to any shareholders, directors and officers of A Co, or other persons, firms or corporations; or d) capital expenditures or payments on capital account other than in respect of: i) the purchase or reduction of capital in respect of the DPS, other than purchases or capital reductions made in the period in respect of the prior period's Excess Cash Flow; ii) repayments of indebtedness incurred in the normal and ordinary course of business and existing at the date of the issuance of the DPS; iii) repayments of additional debt incurred after the date of the issuance of the DPS for the purpose of funding the current operating requirements of Partnership A, A Co, Partnerco, and Subco; iv) reasonable capital expenditures or payments on capital account incurred in the normal and ordinary course of the existing business of Partnership A, A Co and Partnerco and repayments of additional debt incurred for the specific purpose of making such capital expenditures or payments on capital account; v) repayments of additional debt incurred for the specific purpose of enabling Subco to purchase the DPS or to pay dividends on the DPS or to reduce the capital of the DPS including the Reserve Loan; and vi) costs incurred in connection with the issuance of the DPS. ...

We acknowledge our telephone conversations in connection herewith. To the best of your knowledge, and that of the taxpayers named herein, none of the issues involved in this advance income tax ruling request is under objection or appeal or is being considered by any tax services office or taxation centre of Revenue Canada in connection with any income tax return already filed. ...

Dodd Acting Director General 957-3495 Att: Blair Chisholm Banking, Insurance and Financial Products 912991 This is in reply to your T2003 dated October 28, 1991 requesting our comments on the October 11, 1991 submission by XXX, on behalf of the Bank XXX in connection with certain of their securities transactions. ... Per the Australian High Court at p. 608: "... and the real thing that has to be decided is what were the acts that were done in connection with the business and whether they amount to a trading which would cause the profits that accrued to be profits arising from a trade or business...... ...

To the best of your knowledge, and that of the taxpayers involved, none of the issues involved in this ruling request is: (i) in a previously filed tax return of the taxpayers or persons related to the taxpayers; (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayers or persons related to the taxpayers; (iii) under objection by the taxpayers or persons related to the taxpayers; (iv) the subject of a current or completed court process involving the taxpayers or persons related to the taxpayers; or (v) the subject of an advance income tax ruling previously issued by the Income Tax Rulings Directorate. ... For greater certainty, the Agreed Amount in respect of each such Eligible Property will be within the limits prescribed as follows: (a) in the case of Capital Property (other than Depreciable Property of a prescribed class) described in paragraph 85(1)(c.1), an amount equal to the lesser of the amounts described in subparagraphs 85(1)(c.1)(i) and (ii); (b) in the case of Depreciable Property of a prescribed class, an amount equal to the least of the amounts described in subparagraphs 85(1)(e)(i), (ii) and (iii); and (c) in the case of XXXXXXXXXX owned in connection with the XXXXXXXXXX carried on by DC, an amount determined in accordance with the formula set out in paragraph 85(1)(c.2). ...

Dodd Acting Director General 957-3495 Att: Blair Chisholm Banking, Insurance and Financial Products   912991 24(1) This is in reply to your T2003 dated October 28, 1991 requesting our comments on the October 11, 1991 submission by         24(1) on behalf of the Bank          24(1)          in connection with certain of their securities transactions. ... Per the Australian High Court at p. 608:      "... and the real thing that has to be decided is what were the acts that were done in connection with the business and whether they amount to a trading which would cause the profits that accrued to be profits arising from a trade or business...      ... ...

In connection with the XXXXXXXXXX estate freeze of Opco described above, BrotherACo, a taxable Canadian corporation incorporated under the XXXXXXXXXX, acquired XXXXXXXXXX% of the Class A shares (as hereafter defined) of BrotherA FamilyCo and XXXXXXXXXX % of the common shares of BrotherA FamilyCo. ... In connection with the XXXXXXXXXX estate freeze of Opco described above, BrotherBCo, a taxable Canadian corporation incorporated under the XXXXXXXXXX, acquired XXXXXXXXXX% of the Class A shares (as hereafter defined) of BrotherB FamilyCo and XXXXXXXXXX% of the common shares of BrotherB FamilyCo. ... In connection with the winding-up of Opco, Opco will distribute the AF Subco Note to BrotherA FamilyCo and the BF Subco Note to BrotherB FamilyCo. ...

You have advised us that to the best of your knowledge and that of the taxpayers involved none of the issues involved in this ruling request are: (i) in an earlier return of any of the taxpayers or a related person; (ii) being considered by a tax services office ("TSO") or taxation centre ("TC") in connection with a previously filed tax return of any of the taxpayers or a related person; (iii) under objection by any of the taxpayers or a related person; (iv) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... In connection with the DC Sub share exchanges: (a) the aggregate of the additions to the stated capital accounts of the DC Sub New Common Shares and the DC Sub Special Shares will not exceed the paid-up capital of the DC Sub Common Shares immediately prior to the DC Sub share exchanges. ... In connection with the DC share exchanges: (a) the aggregate of the additions to the stated capital accounts of the DC New Class B Shares and the DC Special Shares will not exceed the paid-up capital of the DC Class B Shares immediately prior to the DC share exchanges. ...

To the best of your knowledge and that of each of the taxpayers, none of the issues involved in this ruling request is: 1. in an earlier return of any of the taxpayers or a related person; 2. being considered by a tax services office or taxation centre in connection with a previously filed tax return of any of the taxpayers or a related person; 3. under objection by any of the taxpayers or a related person; 4. before the courts; or 5. the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... Pursuant to the amalgamation agreement: (a) all of the property (except amounts receivable from a predecessor corporation or shares of the capital stock of a predecessor corporation) of the predecessor corporations immediately before the merger became property of DC2 by virtue of the merger; (b) all of the liabilities (except amounts payable to a predecessor corporation) of the predecessor corporations immediately before the merger became liabilities of DC2 by virtue of the merger; (c) the shares of Predecessor 1 and Predecessor 2 were cancelled without any repayment of capital in respect of those shares; and (d) shares of the capital stock of DC2 were issued to the shareholders of Predecessor 1 and Predecessor 2 in connection with the amalgamation. 47. ... A look-through approach will not be adopted in respect of its shares of US Co, because Partnership 1 and Partnership 2 have less than a XXXXXXXXXX% interest in the company, and do not otherwise have the ability to exercise significant influence over the company; (k) DC2 has more than five full-time employees in its rental business, and does not carry on a specified investment business; therefore, DC2's revenue-producing real properties and its land under development, or held for future development, as revenue-producing real properties (including DC2's interest in any such properties held directly or indirectly through various unincorporated joint ventures or tenancy in common arrangements) will be classified as business properties; (l) each of Partnership 1's and Partnership 2's revenue-producing real properties and land under development, or held for future development, as revenue-producing real properties (including their respective interests in any such properties held directly or indirectly through various unincorporated joint ventures or tenancy in common arrangements) will be classified as investment properties since (i) the rental business of Partnership 1 and Partnership 2 is carried out by the employees of DC2, (ii) Partnership 1 and Partnership 2 do not directly employ more than five full-time employees, and (iii) Partnership 1 and Partnership 2 could not reasonably be expected to require more than five full-time employees in carrying on its respective rental business; and accordingly each of Partnership 1 and Partnership 2 carry on a specified investment business; (m) each of XXXXXXXXXX Co, XXXXXXXXXX Co, XXXXXXXXXX Co, and XXXXXXXXXX do not employ more than five full-time employees, and could not reasonably be expected to require more than five full-time employees, in carrying on its respective XXXXXXXXXX business, and accordingly carry on a specified investment business; therefore, each of XXXXXXXXXX Co, XXXXXXXXXX Co, XXXXXXXXXX Co, and XXXXXXXXXX will classify its respective XXXXXXXXXX as an investment property; (n) to the extent that any revenue-producing real property owned by DC2, which has been held as capital property, is listed for sale to an arm's length party (where such property is to be disposed of regardless of the Proposed Transactions) such property will be classified as business property; (o) advances to related persons will be considered cash or near-cash property, except any amounts receivable from any corporation or partnership over which DC2 has the ability to exercise significant influence; (p) advances to employees, if any, will be considered cash or near-cash property; (q) in connection with a mortgage payable that will mature within 12 months of the date of the transfers of property described in Paragraph 100, only that part of the mortgage payable which is certain to be paid off within the succeeding twelve month period will be treated as the current portion of a long term debt; (r) demand lines of credit, other demand bank loans and short-term banker's acceptances payable, which are secured by a general assignment of book debts and by a floating debenture over certain assets of DC2, will be treated as current liabilities; and (s) rental and other deposits are considered to be liabilities for the purposes of the Proposed Transactions to the extent that the amount of such deposits gives rise to a legal obligation to repay such amount, should the amounts not be offset against future rental or other liabilities of the particular tenant. 98. ...

You have advised us that to the best of your knowledge and that of the taxpayers involved none of the issues involved in this ruling request are: (i) in an earlier return of any of the taxpayers or a related person; (ii) being considered by a tax services office ("TSO") or taxation centre ("TC") in connection with a previously filed tax return of any of the taxpayers or a related person; (iii) under objection by any of the taxpayers or a related person; (iv) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... In connection with the DC Sub share exchanges: (a) the aggregate of the additions to the stated capital accounts of the DC Sub New Common Shares and the DC Sub Special Shares will not exceed the paid-up capital of the DC Sub Common Shares immediately prior to the DC Sub share exchanges. ... In connection with the DC share exchanges: (a) the aggregate of the additions to the stated capital accounts of the DC New Class B Shares and the DC Special Shares will not exceed the paid-up capital of the DC Class B Shares immediately prior to the DC share exchanges. ...

To the best of your knowledge, and that of the taxpayer involved, none of the issues involved in this ruling request is: (i) in a previously filed tax return of the taxpayer or a person related to the taxpayer; (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayer or a person related to the taxpayer; (iii) under objection by the taxpayer or a person related to the taxpayer; (iv) the subject of a current or completed court process involving the taxpayer or a person related to the taxpayer; or (v) the subject of an advance income ruling previously issued by the Income Tax Rulings Directorate. ... The split in short-term and long-term debt financing is XXXXXXXXXX%/XXXXXXXXXX%; and (ii) accounts payable (DC Current Liabilities) of approximately $XXXXXXXXXX (including amounts owing to related foreign corporations from the purchase of goods) and other accrued expenses incurred in connection with the Canadian Retained Businesses. ... The liabilities of Newco include: (a) accounts payable of approximately $XXXXXXXXXX (including amounts owing to related foreign corporations from the purchase of goods) and other accrued expenses incurred in connection with the Canadian Transferred Businesses, and (b) the Newco Debt of approximately $XXXXXXXXXX owing to DC, as described in Paragraph 23(b). ...