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Eligible independent contractor rule A TRS will not be considered to operate or manage a qualified lodging facility solely because the TRS directly or indirectly possesses a licence, permit, or similar instrument enabling it to do so. ... UPREIT The REIT is considered an umbrella partnership real estate investment trust (an “UPREIT”) for U.S. federal income tax purposes. ... Publicly traded partnership rules The Operating Agreement contains provisions intended to ensure that the OP is not considered a “publicly traded partnership”. ...

High River shareholders who elect for the GDRs will be deemed to have elected to receive Nordgold's Regulation S GDRs rather than its Rule 144A GDRs, except where it is considered reasonably necessary by Nordgold or the GDR depositary (including in response to a High River shareholder request) to issue Rule 144A GDRs in order to comply with applicable laws. ...

Discussion of consequences if the Convertible Notes are considered to be issued at a discount. ...

Where the Corporation pays cash pursuant to the cash conversion option, the resident holder will be considered to have disposed of the debentures for such cash consideration (except any interest received in satisfaction of interest). ...

Withholding issue for non-residents on conversion "In the event that a Debenture is converted into Common Shares pursuant to the Non-Canadian Holder's conversion privilege…or is purchased by any other resident…of Canada (a "Canadian Transferee")…for an amount which exceeds, generally, the issue price thereof, all or a portion of such excess may be deemed to be interest and may be subject to Canadian non-resident withholding tax. if: (i) all or any portion of such interest is participating debt interest and (ii) the Debenture is not considered to be an "excluded obligation"…. ... The CRA has stated that such excess would not be considered to be participating debt where the relevant debenture is a "traditional convertible debenture"…. ...

" Reclassification Reclassification of the Series 1 Preferred Units inot Series 2 Preferred Units would be considered by CRA to be a disposition if there were a significant change in the holder's rights and obligations, including in the percentage of profits. ... Non-residents The General Partner intends to conduct the affairs of the Partnership of Holding L.P. such that non-resident holders are not considered to be carrying on business in Canada. ...

Partnership taxation/SIFT tax BPP LP and the Property Partnership would be considered to be "Canadian resident partnerships" and, therefore taxable as SIFT partnerships, if their central management and control were in Canada. ... Such GPs also intend to manage the affairs of the two partnerships so that, to the extent possible, they are not considered to carry on business in Canada (p. 40). ...

Because the right to receive Pan American shares under the CVRs is not absolute, the CVRs are considered to represent “boot” rather than share consideration for s. 85 election purposes. The cost of a Pan American share received under a CVR is considered to be equal to the FMV of a CVR received under the Plan of Arrangement. ...

Effect of repayment If the obligation to repay AcquisitionCo pursuant to the CRP Agreement arises before the Canadian Holder's filing-due date for its taxation year in its Common Shares were disposed of (or before the end of its fiscal period, if a partnership), the amount considered to be a repayment should be deemed to be a reduction in its proceeds of such disposition. If such obligation arises thereafter, the amount considered to be a repayment should be deemed to be a capital loss of the Canadian Holder from the disposition of a property by it at that time. Qualified investment The Loan should be considered to be a qualified investment for registered plans (except a deferred profit sharing plan to which ExxonMobil, or an employer that does not deal at arm's length with it, has made a contribution) provided that the ExxonMobil Shares are listed on a designated stock exchange. ...

Dispositions by partners on dissolutions The partners of each such dissolving Partnership (including the Upper Tier Subsidiary Partnerships, in the case of the dissolution of the Lower Tier Subsidiary Partnerships, and the Fund, in the case of the dissolution of the Upper Tier Subsidiary Partnerships) will be considered to dispose of their interests in the dissolving Partnership for proceeds of disposition equal to the amount of cash plus the fair market value of any other property distributed to them by the dissolving Partnership on the dissolution. ... For these purposes, U.S. taxes paid by a Subsidiary Partnership should generally be considered to have been borne by a particular Holder to the extent of the Holder’s share of such tax as determined in accordance with the Limited Partnership Agreement. ... As a result of the transaction, each such partnership will be considered to dispose of a USRPI. ...