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It is our view that the Purchased Shares would not be considered to meet the description in subparagraph (a)(vii) of the definition of "excluded right or interest" in subsection 128.1(10) of the Act for the following reasons. 1. ... Generally, a share in the capital stock of a corporation is considered to be a bundle of rights entitling the holder to certain rights and benefits of the corporation that issued the share. ... If the Purchased Shares are considered excluded rights or interests, Canada would lose the right to tax the gains accrued to the date of departure. ...

For the purpose of applying clause 115(2)(e)(i)(B), you have asked us if the College can be considered to be carrying on a business XXXXXXXXXX? ... Factor to be considered include: The intended course of action- If the rationale for operating a given activity is to generate a profit, then the activity is likely a business. ... MNR, 86 DTC 1286 (TCC): "Although the Courts have considered the term "ordinary course of business" on many occasions, only a very few cases are of assistance in this appeal. ...

However, the Court did not elaborate on what would be considered as the "business of production" and what should be included therein. ... Applying the concept to XXXXXXXXXX, interest earned on overpayment of taxes would not be considered to be income from production even if the overpayment could have been used to earn income from production. ... The Court found that there was sufficient inter-connection or integration with the business of production of silver that a gain from hedging activities could be considered to be income from that business to the extent that it corresponds to actual production. ...

Our Comments Subsection 127(18) of the Act provides as follows: Where on or before the filing-due date for a taxation year of a person or partnership (referred to in this subsection as the "taxpayer") the taxpayer has received, is entitled to receive or can reasonably be expected to receive a particular amount that is government assistance, non-government assistance or a contract payment that can reasonably be considered to be in respect of scientific research and experimental development, the amount by which the particular amount exceeds all amounts applied for preceding taxation years under this subsection or subsection (19) or (20) in respect of the particular amount shall be applied to reduce the taxpayer's qualified expenditures otherwise incurred in the year that can reasonably be considered to be in respect of the scientific research and experimental development. ... In addition, in the CCLC Technologies Inc. case (96 DTC 6527) the FCA considered a situation involving amounts received by the taxpayer under a "Coal Research Agreement" with the Province of Alberta concerning a coal and heavy oil project. ... As such, it is also our view that amounts arising under the SPRI or the ITRP which are in respect of scientific research and experimental development would, pursuant to subsection 127(18) of the Act and subject to the limitations contained therein, reduce a taxpayer's qualified expenditures otherwise incurred in a particular taxation year that can reasonably be considered to be in respect of the scientific research and experimental development. ...

While a letter of wishes is generally considered to be non-binding, consideration must be given to the settlor's intent in determining the validity of any of the powers given to a person in a trust deed. ... We considered the application of section 74.1 and subsection 56(4.1) to the income earned by the XXXXXXXXXX Trust. ... Transfer Pricing We also considered the application of the transfer pricing rules in subsections 69(3) and 247(2). ...

We have assumed for purposes of our comments below that while XXXXXXXXXX is a political subdivision of the State of XXXXXXXXXX that is exempt from U.S. income tax, LLC is not considered to be a political subdivision or local authority of any State of the U.S. or any agency or instrumentality of such subdivision or authority. 7. ... This is because, as we have stated at the 1997 Tax Executives Institute Conference Round Table in reply to Question XVII (see Document 9729780 dated November 14, 1997), where based on its attributes, a LLC is considered to be a corporation (as a LLC formed under the laws of XXXXXXXXXX is so considered- see Document 2001-0085845 dated January 29, 2002), the LLC is considered to have a legal personality and existence that is distinct from the persons who caused its creation or who own it. ... We have assumed that the LLC itself is not considered to be a political subdivision or local authority of any State of the U.S. or any agency or instrumentality of such subdivision or authority and therefore would not satisfy the requirements of Article IV(1)(a) of the Convention. ...

Documentation provided not sufficient to conclude that the income the client receives for operating XXXXXXXXXX would be considered purchased by Her Majesty or given to Indians under a treaty agreement. 2. ... The Client has stated that according to that subsection where funding is provided for the use and benefit of Aboriginals, it is always considered to be situated on reserve. ... To determine whether Guideline 2 would apply, the definition of residency of the employer in the Guidelines would need to be considered in relation to the individual's employer. ...

Justice MacKay also concluded that early close-outs do not preclude transactions from being considered hedges. ... r that a gain from hedging activities can be considered to be income from that business. ... The Court in Echo Say stated: "Where the transaction is a hedge, profits realized on settlement of the contracts are considered a component of the price realized. for the product when sold and under accounting practice are included in income from sales. ...

Nevertheless, the income on the Aco shares will not be subject to TOSI because the income is considered to be from excluded shares. ... Tax Planning – Late filed elections We considered whether the ability to late file or amend a subsection 82(3) election presents an inappropriate tax planning opportunity. ... No. 2019-0799961C6 where we considered the application of the exemption from TOSI in subparagraph 120.4(1.1)(c)(ii). ...

Where the purpose described in either of subparagraphs 66.1(6)(a)(iii) and (iii.1) is considered very minor, it is our view that the expense would not qualify as CEE.  ... We have restricted affirmation of your position to paragraph 20(1)(ee) expenditures since we have not considered any other provisions of the Act which may be applicable in the circumstances. ... Bonuses would be considered "other remuneration "nor the purposes of paragraph (b) of the CEDOE definition. ...