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A deduction will be available to the extent dividends received by the Trust are considered to have been paid out of FAPI that has previously been included in the Trust’s income. ...

This should generally include income of a CFA where, throughout the period in the taxation year during which the business was carried on, the business is the leasing of property conducted principally with persons with whom the CFA deals at arm's length for purposes of the Tax Act and the CFA employs more than five employees full-time in the active conduct of the business (the "Employee Exception") and should also generally include income derived by a CFA from activities that can reasonably be considered to be directly related to active business activities carried on in a country other than Canada by another CFA (including a CFA that is considered to carry on an active business by virtue of the Employee Exception) to the extent that such income would, if it were earned by such other CFA, be included in computing amounts prescribed to be its earnings or loss from an active business carried on in a country other than Canada for purposes of the FAPI provisions of the Tax Act (the "Direct Relation Exception"). ... Foreign tax credits Taxes paid or considered to have been paid by Investment L.P.'s or SIP will be allocated pursuant to their limited partnership agreements and the Fund's allocated share will be allocated to Unitholders pursuant to the Fund limited partnership agreement. ...

A Resident Holder that exercises the Secured Noteholder Conversion Right and converts Secured Notes into New Common Shares will, provided that s. 51 applies to such conversion, be deemed not to have disposed of its Secured Notes and, accordingly, will not be considered to realize a capital gain (or a capital loss) on such conversion. Exchange of Unsecured Notes On the exchange of Unsecured Notes for New Common Shares, a Resident Holder will be considered to have disposed of its Unsecured Notes for proceeds of disposition equal to the fair market value of the New Common Shares and the fair market value of the Unsecured Noteholder's Pro Rata Portion of New Series 1 Warrants received in exchange for such Unsecured Notes. ...

UPREIT structure The REIT is considered an umbrella partnership real estate investment trust (an “UPREIT”) for U.S. federal income tax purposes. ... Under FIRPTA, such gains are considered effectively connected with a U.S. trade or business of the foreign shareholder and are taxed at the normal graduated rates applicable to U.S. ...

Upon distribution of Class A Preferred shares to Unitholders, Crombie will be considered to have disposed of such Class A Preferred shares for proceeds of disposition equal to the fair market value of such Class A Preferred shares. ... Consolidation of Units The consolidation of the Units in Steps 10 and 20 will not be considered to result in a disposition of Units. ...

The REIT, Investment LP1 and GAR B will elect to be corporations under the Code and they each will be considered to have a permanent establishment in the U.S. ...

US Holdco is expected to make the election under Code s. 1059(c)(4) to have its basis in the shares of Regional Energy considered to be their much higher fair market value, for purposes of determining whether dividends from Regional Energy during the first two years of US Holdco's indirect investment therein are an extraordinary dividend (otherwise potentially giving rise to a negative basis gain). ...

A U.S. holder who receives DREAM shares under the Arrangement should be considered to have received a taxable distribution, so that if Dundee is not treated as a PFIC, such U.S. holder generally will be required to include the fair market value of DREAM shares in income to the extent of Dundee's current or accumulated earnings and profits. ...

S. 97(2) exchange Holders of True North Partnerships Class B Units who exchange their Units for Redeemable Units of the applicable partnership and who jointly elect under s. 97(2) will be considered to have disposed of their units for an elected amount which complies with s. 97(2). ...

A Resident Shareholder that transfers New Common Shares under the Arrangement to the Purchaser for the Consideration including any portion of the Contingent Payment Received, will be considered to have disposed of such New Common Shares for proceeds of disposition equal to the amount of the aggregate Consideration, including any portion of the Contingent Payment Amount received. ...