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Nothing in this letter should be construed as confirmation, express or implied, that, for the purpose of any of the rulings given above, any adjustment to the FMV of the properties transferred or the redemption amount of the shares issued as consideration, whether pursuant to a price adjustment clause or otherwise, will be effective retroactively to the time of the transfer or issuance of shares. ...

In reaching this conclusion, the Court stated:      "Where the income under consideration is part of the normal business activity of a company and it is inextricably linked with an active business it is considered active business income.  ...

X transferred all of his shares of Opco to Holdco on a tax-deferred basis pursuant to subsection 85(1) and received special freeze shares as consideration therefor. ...

"it may well be on a subsequent occasion both the reasoning in Holder's case and the distinction drawn between that case and the present by Lord Denning MR may deserve further consideration." ...

Cela suppose, en particulier, que le but de la disposition en cause doit être pris en considération.  ...

Si la corporation n'a pas versé de dividende (ou a verse un dividende inférieur à 90% du taux de rendement annuel moyen) parce qu'elle a réinvesti ses surplus dans son entreprise exploitée activement, de manière à accroître la valeur des àctions, nous sommes d'avis que ce fait pourrait être pris en considération pour établir si cette condition est respectée. ...

Given that the royalty interest qualifies as a Canadian resource property under subparagraph 66(15)(c)(v) of the Act, there seems little doubt that Company A has "acquired" a property in consideration for its payment to Company B.  ...

Free Waste Heat- Clause (d)(ii) B of Class 34 In interpreting statutes of law, all words and terms must be taken into consideration.  ...

Farmout The hypothetical situation appears to be similar to a widespread farmout arrangement whereby a farmee, Partner B, would acquire an interest in a farmor's, Partner A's, Canadian resource property and in consideration for such interest, Partner A would receive, inter alia, an interest in Partner B's depreciable property. ...

"it may well be on a subsequent occasion both the reasoning in Holder's case and the distinction drawn between that case and the present by Lord Denning MR may deserve further consideration." ...