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It is our view that where cash is temporarily surplus to the needs of a business and is invested in short-term income-producing investments, those investments may be considered to be used in the business.  On the other hand, where substantial amounts of cash and deposits- in excess of that required for use in the business, are retained in the corporation on a permanent basis, they would not be considered to be funds used in the business.  Such funds would be considered to be permanently set aside for investment or uses other than in an active business.  ...

Each participant of a joint venture is considered to be conducting its own business so that it receives each income and incurs each cost to the extent of its participation in the joint venture.  ... In addition, if a joint venture would be considered to have a permanent establishment in Canada for the purposes of an income tax convention that Canada has with another country, if it were a resident of a contracting state for the purposes of that convention, any member of such a joint venture who is resident in that country will generally be considered to have a permanent establishment in Canada.  ... While the Bulletin does not provide any guidelines for distinguishing a partnership from a joint venture it does discuss factors which may be considered when reviewing such arrangements. for DirectorReorganizations and Non-Resident DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch ...

For these purposes, current liabilities of a corporation are not considered to relate to any particular asset of the corporation. Generally, a particular liability may be considered to relate to a particular asset if the liability is specifically secured by that asset, regardless of the direct use of the proceeds of the borrowing or of the transaction or event giving rise to the particular liability. For example, a loan secured by a mortgage of real property would generally be considered to relate to that property regardless of the direct use of the proceeds of the loan. ...

The utility poles would in our view be considered separate assets or properties which together with the conductors and lines comprise the electrical line system. ... It would be considered an acquisition of a new asset with a useful life of 25-30 years. In our view the comments in paragraph 4 of IT-128R do not support your position that the pole replacement costs could be considered current expenditures. ...

Each participant of a joint venture is considered to be conducting its own business so that it receives each income and incurs each cost to the extent of its participation in the joint venture. ... XXX It is our view that where a joint venture would be considered to be carrying on business in Canada for the purposes of section 253 of the Act if it was a non-resident person, any non-resident member of such a joint venture will also be considered to be carrying on that business in Canada. ... In addition, if a joint venture would be considered to have a permanent establishment in Canada for the purposes of an income tax convention that Canada has with another country, it if were a resident of a contracting state for the purposes of that convention, any member of such a joint venture who is resident in that country will generally be considered to have a permanent establishment in Canada. ...

It is our view that where cash is temporarily surplus to the needs of a business and is invested in short-term income-producing investments, those investments may be considered to be used in the business. On the other hand, where substantial amounts of cash and deposits- in excess of that required for use in the business, are retained in the corporation on a permanent basis, they would not be considered to be funds used in the business. Such funds would be considered to be permanently set aside for investment for uses other than in an active business. ...

Whether the re-negotiated note would be considered to be accepted as "conditional payment" rather than as "absolute payment" is such a matter. ... The extension of the note could occur before the original due date and before the end of the vendor's taxation year for which the reserve is being considered. ... " Thus, it would appear, unless there is evidence to the contrary, that the re-negotiated note in your fact situation may be considered to be accepted as conditional payment and not as absolute payment. ...

The utility poles would in our view be considered separate assets or  properties which together with the conductors and lines comprise the electrical line system.  ... It would be considered an acquisition of a new asset with a useful life of 25-30 years. In our view the comments in paragraph 4 of IT-128R do not support your position that the pole replacement costs could be considered current expenditures.  ...

You have also asked whether there would be considered to be a change in use or conversion of capital property to inventory during the process of obtaining approval for the severance of lands. ... Corporations are considered to be associated if they meet any of the criteria set out in section 256 of the Act as amended by Bill C-139. Based on the facts as set out in your letter it would appear that none of the corporations established would be considered associated, as that term is defined in the Act. ...

Is a USLLC considered to be resident for treaty purposes to receive treaty benefits? ... Where the situs of mind, management and control is considered to be located elsewhere, USLLC may be considered resident in a different country. ... Where a distribution is considered a dividend and the recipient is considered a qualifying person pursuant to Article XXIX-A of the Treaty, Article X, if applicable, should limit the US tax withheld on the distribution to 15%. ...