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The second position had been adopted by the Department even though on a strict interpretation of the "mid-amble" of paragraph 55(3)(b) (which will be reflected in proposed paragraph 55(3.1)(a)), it could reasonably be concluded that property becomes property of a corporation in contemplation of a butterfly when it acquires a partnership interest as consideration for the transfer of property to the partnership and then butterflies the interest to its shareholders. ... Where, in contemplation of a butterfly, a corporation transfers property to a partnership in consideration for a partnership interest, the acquisition of the partnership interest will come within the prohibition in proposed paragraph 55(3.1)(a). ...

In March 1994, a Release and Settlement Agreement was entered into between the corporation and the Vendor whereby the Revenue Guarantee Agreement was terminated and the Vendor released of its obligations under that agreement in consideration of the payment by the Vendor of $120,000. You have indicated that the payment was consideration for giving up your rights under the Revenue Guarantee Agreement and you inquire whether this amount would be taxable. ...

In particular you enquire as to how the "amount of borrowed money used to acquire the consideration " for the disposition of partnership interest is to be determined. ... If the decrease in the ACB of the partnership interest is a result of losses of the partnership, the amount of borrowed money used to acquire the consideration, for purposes of subparagraph 20.1(1)(b)(i) of the Act, will be based on the FMV of the property received in satisfaction of the partnership interest and the original cost of the partnership interest. ...

., the country of residence of the beneficiary in question, the provisions of the relevant trust document(s), consideration of whether the Trust constitutes a trust for purposes of the Act, nature of the beneficiary's interest in the Trust, etc. ... Whether a particular amount paid by the Trust to a beneficiary was paid as a distribution of capital would be a question to be determined with reference to all the facts relevant to a particular situation, including consideration of how the disposition of the capital asset, as well as the distribution to the beneficiary, were treated for taxation purposes in the relevant foreign jurisdiction. ...

To the best of XXXXXXXXXX knowledge, none of the matters referred to in this request for advance income tax rulings is currently under objection or consideration by a District Taxation Office or Taxation Centre in connection with a return already filed. ... These rulings are given subject to the general limitations and qualifications set out in Information Circular 70-6R2 dated September 28, 1990 and are binding on Revenue Canada, Taxation provided that the proposed transactions described herein are completed by XXXXXXXXXX Our rulings are based on the Act in its present form and do not take into consideration any proposed amendments to the Act. ...

Reasons: One of the conditions in subsection 148(8) is that the policy must have been transferred to a child of the policyholder for no consideration. ... Subsection 148(8) of the Act provides that where an interest of a policyholder in a life insurance policy is transferred to a child of the policyholder for no consideration and a child of the policyholder or a child of the transferee is the person whose life is insured under the policy, the interest is deemed to have been disposed of by the policyholder for proceeds of disposition equal to the adjusted cost basis to the policyholder of the interest immediately before the transfer and to have been acquired by the child at a cost equal to that amount. ...

Martineau Attention: XXXXXXXXXX October 29, 1996 Dear Sirs: Re: Bond Options This is in reply to your letter of August 1, 1996, in which you request our opinion on the tax treatment of the consideration received by a taxable Canadian corporation (the "Issuer") on the issuance of options giving the holder of the option the right to acquire interest-bearing bonds of the Issuer at a future date for an exercise price equal to the face amount of the said bonds. ... Where the consideration received by the issuer of a bona fide option to acquire bonds to be issued by it is on capital account, the granting of the option does not give rise to a capital gain pursuant to subsection 49(1) of the Act. ...

Under paragraph 214(15)(b) of the Act, an amount paid or credited as consideration for an agreement to lend money is deemed to be an interest payment only when the non-resident person would be liable to Part XIII tax on any interest payable on the obligation issued under the terms of the agreement. Otherwise, the amounts paid or credited as consideration for the agreement retain their basic characteristics and are not deemed to be interest payments. ...

Zion Assistant Director (613) 957-8953 Enquiries and Adjustments Attention: John Brady, T1 Processing 963203 Clergyman's Residence Deduction Subsection 8(1)(c) of the Act XXXXXXXXXX We are forwarding for your consideration and reply the attached letter from XXXXXXXXXX is requesting a review of an adjustment which disallowed the clergyman's residence deduction claimed by XXXXXXXXXX on his XXXXXXXXXX income tax return. ... As none of the terms under consideration are defined by the Act, Justice MacKay in his judgement outlined the history and intent of 8(1)(c) of the Act. ...

A titre de première considération, il est nécessaire de déterminer si le preneur a la propriété ou la possession d'un bâtiment en vertu du bail emphytéotique et cette question relève des compétences d'un avocat ou d'un notaire. ... A titre d'autre considération, le Code civil prévoit que l'emphytéose prend fin, entre autres, par la résiliation de l'acte constitutif, et à ce moment, l'emphytéote doit remettre l'immeuble en bon état avec les constructions, ouvrages ou plantations prévus à l'acte constitutif. ...