Search - considered

We understand that to the best of your knowledge and that of the taxpayers involved, none of the issues involved in this ruling is: (i) involved in an earlier return of the taxpayers or a related person, (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayers or a related person, (iii) under objection by the taxpayers or a related person, (iv) before the courts or if a judgment has been issued, the time limit for appeal to a higher court has expired, or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate (other than Ruling no. 2006-018243 []). ... In general, an acquisition of shares of the capital stock of Parent or Xco by former shareholders of Target, each of which would not be a person described in clause 88(1)(c)(vi)(B) if this clause were read without reference to subclause 88(1)(c)(vi)(B)(II), will not necessarily be considered to occur as part of a series of transactions or events that includes the amalgamation of Target with Newco. b. ...

Duff 983367 Attention:XXXXXXXXXX March 1, 1999 Dear XXXXXXXXXX: Re: Farm Land as Qualified Farm Property This is in reply to your letter of December 11, 1998, requesting our views as to whether farm land, described in various situations, would be considered to be qualified farm property for the purposes of subsection 110.6(2) and whether it can be rolled pursuant to subsections 70(9) and 73(3) of the Income Tax Act. ...

It is our understanding that where payments under a particular program are considered FSP, a T-slip will be required to be issued unless the total amount paid to the recipient in the year in respect of that program is less than $100. ...

To the best of your knowledge and that of the Company, none of the issues contained herein: (i) is in an earlier tax return of the Company or a related person; (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of the Company or a related person; (iii) is under objection by the Company or a related person; (iv) is before the Courts or, if a judgement has been issued, the time limit for appeal to a higher Court has expired; or (v) is the subject of an advance income tax ruling previously issued by the Income Tax Rulings Directorate to the Company or a related person. ...

. • bid to buy orders can come from existing holders as well as new investors • sell and bid orders are irrevocable • if all existing shareholders give hold orders, the next quarter's dividend rate is set, at say 50% of Prime Rate (this clause exists to help ensure that the auction procedure works) The auction procedure works as follows: 1)- the established rate will be the lowest rate that clears the market by matching sales and purchases 2)- a maximum rate is set ("ceiling rate") 3)- existing Holders submit hold, bid, bid to buy and sell orders 4)- potential Holders submit bid to buy orders 5)- determine number of shares available for sale which equals total outstanding less hold orders • if none, established rate set at 50% of Prime Rate 6)- determine whether the number of bid to buy orders with dividend rates less that the ceiling rate, which does not include bid orders, is equal to or exceeds the number of shares offered to be sold regardless of dividend rate plus the number of bid orders by existing holders at rates higher than the ceiling rate • if yes, sufficient clearing bids exists- if no, considered a failed auction Sufficient Clearing 7)- the Established Rate is the lowest rate specified in the submitted bid orders which, taking into account such rate and all lower rates bid by Existing Holders and Potential Holders, would result in such Existing Holders and Potential Holders owning all available shares 8)- each Existing Holder with a submitted bid order specifying a rate higher than the Established Rate or that offered to sell shares without regard to the rate shall sell their shares 9)- each Existing Holder with a submitted bid order specifying a rate lower than the Established Rate-shall continue to hold their shares 10)- each Potential Holder with a submitted bid to buy order specifying any rate that is lover than the Established Rate will buy the number of shares so submitted 11)- each Existing Holder with a submitted bid order specifying a rate equal to the Established Rate shall continue to hold their shares unless the number of shares subject to all such submitted bids is greater than the shares available determined in (5) less the number already already allocated in (9) and (10) ("Remaining shares"), in which case each Existing Holder with such a submitted bid shall sell a number of shares determined on a pro-rata basis: Remaining shares x Bidder's shares involved in tie-------------------------- All shares involved in tie • no pro-rations were required prior to this point due to the condition imposed in (6) above. 12)- each potential holder with a bid to buy order specifying a rate equal to the Established Rate shall purchase any available shares not accounted for in (9), (10), and (11) above on a pro-rata basis: Available shares less (9),(10),(11) x Individual's request to bid to buy---------------------------------- Total # of shares still subject to bid to buy • the operation of an auction is illustrated in attached example 1. ...

We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in this ruling request is: (i) dealt with in an earlier return of the taxpayer or a related person; (ii) being considered by a tax services office or a taxation centre in connection with a previously filed tax return of the taxpayer or a related person; (iii) under objection by the taxpayer or a related person; (iv) before the courts, or if a judgment has been issued, the time limit for appeal to a higher court has expired, and (v) the subject of a previous ruling issued to the taxpayer or a related person by the Income Tax Rulings Directorate. ...

To the best of your knowledge and that of the officers and directors of the corporations named herein, none of the issues involved in this ruling is being considered by a District Office and/or Taxation Centre in connection with an income tax return already filed, and none of these issues is under objection or appeal. ...

Certainly any right ESCO has to originate a billing should be considered in evaluating the timing of revenue recognition. ...

. • bid to buy orders can come from existing holders as well as new investors • sell and bid orders are irrevocable • if all existing shareholders give hold orders, the next quarter's dividend rate is set, at say 50% of Prime Rate (this clause exists to help ensure that the auction procedure works) The auction procedure works as follows: 1)- the established rate will be the lowest rate that clears the market by matching sales and purchases 2)- a maximum rate is set (``ceiling rate") 3)- existing Holders submit hold, bid, bid to buy and sell orders 4)- potential Holders submit bid to buy orders 5)- determine number of shares available for sale which equals total outstanding less hold orders • if none, established rate set at 50% of Prime Rate 6)- determine whether the number of bid to buy orders with dividend rate less that the ceiling rate which does not include bid orders, is equal to or exceeds the number of shares offered to be sold regardless of dividend rate plus the number of bid orders by existing holders at rates higher than the ceiling rate • if yes, sufficient clearing bids exists • if no, considered a failed auction Sufficient Clearing 7)- the Established Rate is the lowest rate specified in the submitted bid orders which, taking into account such rate and all lower rates bid by Existing Holders and Potential Holders, would result in such Existing Holders and Potential Holders owning all available shares 8)- each Existing Holder with a submitted bid order specifying a rate higher than the Established Rate or that offreed to sell shares without rgard to the rate shall sell their shares 9)- each Existing Holder with a submitted bid order specifying a rate lower than the Established Rate shall continue to hold their shares 10)- each Potential Holder with a submitted bid to buy order specifying any rate that is lower than the Established Rate will buy the number of shares so submitted 11)- each Existing Holder with a submitted bid order specifying a rate equal to the Established Rate shall continue to hold their shares unless the number of shares subject to all such submitted bids is greater than the shares available determined in (5) less the number already already allocated in (9) and (10) (``Remaining shares"), in which case each Existing Holder with such a submitted bid shall sell a number of shares detemined on a pro-rata basis: Remaining shares-------------------------- x Bidder's shares involved in tie All shares involved in tie • no pro-rations were required prior to this point due to the condition imposed in (6) above. 12)- each potential holder with a bid to buy order specifying a rate equal to the Established Rate shall purchase any available shares not accounted for in (9), (10), and (11) above on a pro-rata basis: Available shares less (9),(10),(11) x Individual's request to bid to buy---------------------------------- Total # of shares still subject to bid to buy • the operation of an auction is illustrated in attached example 1. ...

The Financial Administration Act gives the Governor in Council the authority to remit any tax, fee or penalty when it is considered to be in the public interest. ...