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Assuming that the full amount of the unrealized gain on the shares of OPCO is greater that OPCO's Safe Income, and if a portion of this gain is realized, then a proportionate part of this portion is attributable to Safe Income and the remaining part may reasonably be considered to be attributable to something other than Safe Income.  Similarly, a proportionate part of the balance of the unrealized portion of the gain would be attributable to residual Safe Income of OPCO and the remaining part may reasonably be considered to be attributable to something other than Safe Income. ...

Any property purchased by the original applicant for use in a project is considered to have been "used, or acquired for use or lease, for any purpose whatever" prior to any sale to a new taxpayer who is taking over the project.  ...

On the basis of the above dictionary definitions a lease arrangement for the purposes of the definition of "approved project property", could be considered, in our view, to include an arrangement between a landlord and a tenant which results in the use of real property for a specified period of time for consideration that is rent. 3.      ...

However, it is clear, I think, that ordinary buildings and an asphalt pavement like the improvements here in question are normally considered to be fixtures. ...

Also, 96(2.2)(d)(v) would exclude this gross revenue guarantees since the "reasonably considered to ensure test" (similar to the test noted in issue 3. above) will not be met (i.e. revenue will not be generated unless XXXXXXXXXX is first completed. ... XXXXXXXXXX (the "Partnership") was formed as a limited partnership XXXXXXXXXX to undertake a further analysis of the design, engineering and economics of the XXXXXXXXXX and, if considered to be viable, to XXXXXXXXXX, own and XXXXXXXXXX. ... To the best of your knowledge and that of the taxpayers involved, none of the issues involved in this ruling (i) is in an earlier return of the taxpayer(s) 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 taxpayer(s) or a related person (iii) is under objection by the taxpayer(s) or a related person (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired, and (v) is the subject of a ruling previously issued by the Directorate. ...

Correspondence also asks that several examples be considered for requirements to remit instalments Position TAKEN: Statements not contradictory. ...

Any agreement concerning the share is to be read without reference to a provision under which a person agrees to acquire the share for an amount that a)     does not exceed the fair market value of the share at the time of the acquisition; or b)     is determined by reference to the assets or earnings of the corporation if the determination may reasonably be considered to be used to determine an amount that does not exceed the fair market value of the share at the time of the acquisition. ... For purposes of the ITA, (a)     dividends paid to a trust will be considered to have been paid to an employee beneficiary only if the trust makes the appropriate designation under subsection 104(19) or (20) of the ITA; and (b)     no tax credit will be available to an employee beneficiary under subsection 127.4(2) of the ITA if qualifying shares are acquired by the trust (rather than by the employee) as the first purchaser. ...

To the best of your knowledge and the knowledge of the Company, none of the issues involved in this ruling request is being considered by a tax services office or taxation centre in connection with an income tax return already filed, and none of the issues is under objection or appeal. ...

While it is true that subparagraph 39(1)(c)(vi) of the Act would not apply had the shares been issued after 1971, the facts of the situation cannot be ignored nor can alternative courses of action be considered in interpreting the provision. ...

Payments are considered received by the Receiver General on the date that they were paid to the financial institution regardless of when the funds were transmitted to Revenue Canada. ...