Subsection 88(1) - Winding-up
Cases
R. v. Mara Properties Ltd., 96 DTC 6309, [1996] 2 S.C.R. 161, [1996] 2 CTC 54
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss | land inventory retained character after wind-up | 111 |
Hickman Motors Ltd. v. The Queen, 95 DTC 5575, [1995] 2 CTC 320 (FCA), rev'd 97 DTC 5363, [1997] 2 S.C.R. 336
Tory Estate v. M.N.R., 73 DTC 5354, [1973] CTC 434 (FCA), briefly aff'd 76 DTC 6312, [1976] CTC 415 (SCC)
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Words and Phrases
distribute| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 70 - Subsection 70(3) | 130 | |
| Tax Topics - Statutory Interpretation - Noscitur a Sociis | 28 |
Administrative Policy
11 October 2019 APFF Roundtable Q. 6, 2019-0812651C6 F - CDA and wind-up of a subsidiary
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(z.1) | IT-126R2 applicable in determining when CDA of sub is added to parent’s CDA | 206 |
2014 Ruling 2014-0530371R3 - Combination of credit unions
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 137 - Subsection 137(4.1) | s. 137(4.1) inapplicable to Buyer of credit union who winds it up rather than becoming a member | 263 |
| Tax Topics - Income Tax Act - Section 85.1 - Subsection 85.1(1) | credit union share-for-share exchange/ cash redemption | 52 |
18 November 2014 TEI Roundtable, Q. E.4
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(1) | refund re dissolved sub | 330 |
26 November 2014 External T.I. 2014-0551641E5 F - Winding-up and subsection 42(1)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 42 | corporation permitted to claim litigation loss following effective time of winding-up | 104 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(2) | corporation permitted to claim a s. 42(1)(b) loss after (per IT-126R2) it has been wound up | 140 |
7 July 2014 External T.I. 2014-0518561E5 F - Superficial loss
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 54 - Superficial Loss | shares of Holdco as identical property to shares of Opco/transferred corporation wound-up but not dissolved within 30 days | 333 |
2014 Ruling 2013-0505431R3 - XXXXXXXXXX
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) | public trading in dividend recipient does not engage exclusion in s. 55(2)(a)(iv) | 848 |
| Tax Topics - Income Tax Act - Section 66.2 - Subsection 66.2(5) - Canadian development expense - Paragraph (e) | transfer of roylaty from partly-owned partnership | 464 |
| Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) | s. 97(2) applicable to contribution (no equity consideration) | 61 |
1996 Corporate Management Tax Conference Round Table, Q. 2 (C.T.O. "Wind-Up Bump Dividends")
29 August 1994 External T.I. 9336515 - ADJUSTED COST BASE BUMP
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12 August 1994 External T.I. 9415495 - AMALGAMATION/WIND-UP
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(3) | 42 | |
| Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) | 89 |
8 April 1994 External T.I. 9408415 - WIND-UP WITHOUT DISSOLUTION
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18 February 1994 External T.I. 9402445 - WINDING UP OF CORPORATION WITHOUT SHARE CAPITAL
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92 C.R. - Q.31
1992 A.P.F.F. Annual Conference, Q. 16 (January - February 1993 Access Letter, p. 56)
28 April 1992 Memorandum 912857 (C.T.0. "Winding-Up of a Canadian Corporation")
3 September 1991 T.I. (Tax Window, No. 8, p. 21, ¶1436)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(3) | 32 |
21 June 1991 T.I. (Tax Window, No. 4, p. 10, ¶1312)
15 April 1991 T.I. (Tax Window, No. 2, p. 24, ¶1201)
25 February 1991 T.I. (Tax Window, Prelim. No. 3, p. 14, ¶1126)
27 December 1990 T.I. (Tax Window, Prelim. No. 2, p. 16, ¶1072)
21 September 1990 T.I. (Tax Window, Prelim. No. 1, p. 11, ¶1004)
June 1990 Meeting of Alberta Institute of Chartered Accountants (November 1990 Access Letter, ¶1499, Q. 2)
15 January 1990 T.I. (June 1990 Access Letter, ¶1265)
90 C.R. - Q40
5 September 89 T.I. (February 1990 Access Letter, ¶1110)
IT-488R "Winding-up of 90%-Owned Taxable Canadian Corporations"
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose | 33 |
IT-188R "Sale of Accounts Receivable"
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) | 15 | |
| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Account Receivable | 157 |
IT-126R2, "Meaning of 'Winding-Up' ", March 20, 1995
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | 223 | |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(3) | 60 |
Articles
Boehmer, "Alternative to Butterfly Reorganization: Access to Investments of a Holding Company by Shareholders", Corporate Structures and Groups, Vol. IV, No. 3, p. 212
Roberts, Briggs, "Winding Up", The Taxation of Corporate Reorganizations, 1996 Canadian Tax Journal, Vol. 44, Nos. 2 and 3, pp. 533, 943.
Shafer, "Liquidation", 1991 Conference Report, c. 10.
Pister, "Paragraph 88(1)(d) Bump on the Winding-up of a Subsidiary", 1990 Canadian Tax Journal, pp. 148, 426.
Williamson, "Checklists: Corporate Reorganizations, Amalgamations (Section 87), and Wind-ups (Subsection 88(1))", 1987 Conference Report, c. 29.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) | 0 |
Paragraph 88(1)(b)
Administrative Policy
27 November 2018 CTF Roundtable Q. 5, 2018-0780041C6 - GAAR on PUC reduction
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | avoidance of s. 88(1)(b) where insufficient safe income was abusive | 378 |
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(3) | no challenge of a reduction of PUC of shares of DC held by TC before redemption | 216 |
Paragraph 88(1)(c)
See Also
Harvest Operations Corp v. A.G. (Canada), 2015 DTC 5067 [at 5904], 2015 ABQB 327
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Estoppel | taxpayer estoppel when it claimed a tax benefit from its mistake rather than promptly seeking rectification | 206 |
| Tax Topics - General Concepts - Rectification & Rescission | requested rectification order to fix bump did not match parties' specific plan at closing | 614 |
Articles
Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Subparagraph 88(1)(c)(v)
Administrative Policy
31 October 2011 External T.I. 2011-0422981E5 F - Whether property is eligible for a bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c) - Subparagraph 88(1)(c)(vi) | bump unavailable given previous non-arm's length acquisition | 153 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d.2) | properties not bumpable as not owned at subsidiary's formation by related person | 401 |
Articles
Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Subparagraph 88(1)(c)(vi)
Administrative Policy
2014 Ruling 2013-0503611R3 - Post-Mortem Planning
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(2) | pipeline following death of spouse for a spousal trust where company holds mostly marketable securities | 585 |
17 February 2012 External T.I. 2011-0428561E5 - 88(1)(c)(vi) Bump Denial Rule
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31 October 2011 External T.I. 2011-0422981E5 F - Whether property is eligible for a bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c) - Subparagraph 88(1)(c)(v) | properties not bumpable as the subsidiary control was deemed by s. 88(1)(d.2) to be acquired at the same time as it acquired the properties | 634 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d.2) | properties not bumpable as not owned at subsidiary's formation by related person | 401 |
19 March 2003 T.I.
17 November 2000 External T.I. 1999-0008585 - Winding-up
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) | 45 |
Articles
Peter Lee, Paul Stepak, "PE Investments in Canadian Companies", draft 2017 CTF Annual Conference paper
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Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Mark Jadd, Richard Lewin, "Anatomy of a Deal: Income Tax Issues Facing a Non-Resident Purchaser of a Public Canadian Corporation", International Tax (CCH), October 2006, No. 30 p. 9.
Nathan Boidman, "Unwinding or Otherwise Dealing With 'Sandwich' Structures Resulting From an International Merger or Acquisition", Tax Notes International, 10 May 2004, p. 601: Discussion of restrictions on bump where a Canadian corporation has been acquired by a foreign acquiror.
Clause 88(1)(c)(vi)(B)
Subclause 88(1)(c)(vi)(B)(II)
Administrative Policy
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Subclause 88(1)(c)(vi)(B)(III)
Administrative Policy
Articles
Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Paragraph 88(1)(c.2)
Subparagraph 88(1)(c.2)(i)
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Subparagraph 88(1)(c.2)(ii)
Articles
Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Subparagraph 88(1)(c.2)(iii)
Clause 88(1)(c.2)(iii)(A)
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Clause 88(1)(c.2)(iii)(A.2)
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Paragraph 88(1)(c.3)
Subparagraph 88(1)(c.3)(i)
Administrative Policy
2012 Ruling 2012-0451421R3 - Purchase of Target and bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 212.3 - Subsection 212.3(18) - Paragraph 212.3(18)(c) | deemed investment on amalgamation of subsidiary | 833 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(4) - Paragraph 88(4)(b) | Target Amalco 2 formed post-AOC and pre-bump (occurring on amalgamation of Target Amalco 2 with Bidco) is a continuation its predecessors for s. 88(1)(c) midamble purposes/prepackaging transactions before formation of Target Amalco 2/Target asset buyers agree not to purchase Target shares | 995 |
31 January 2000 External T.I. 1999-0010965 - EARNOUT CLAUSES AND INELIGIBLE PROPERTY
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c.3) - Subparagraph 88(1)(c.3)(ii) | earn-out | 97 |
Articles
Warren Pashkowich, Daniel Bellefontaine, "Participation-Based Payments: What Are They and How are They Taxed", 2017 Conference Report (Canadian Tax Foundation), 9:1-25
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(g) | 321 |
Ian Crosbie, "Recent Transactions of Interest, Part I", 2015 CTF Annual Conference paper
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 212.3 - Subsection 212.3(2) | 689 |
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Subparagraph 88(1)(c.3)(ii)
Administrative Policy
31 January 2000 External T.I. 1999-0010965 - EARNOUT CLAUSES AND INELIGIBLE PROPERTY
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c.3) - Subparagraph 88(1)(c.3)(i) | earn-out | 97 |
7 August 1998 External T.I. 9727435 - BUMP-REVERSE TAKEOVER
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Income Tax Technical News, No. 9, 10 February 1997
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Federal - Indian Act - Section 87 | 26 | |
| Tax Topics - Income Tax Act - Section 212 - Subsection 212(1) - Subparagraph 212(1)(b)(vii) | events must be beyond borrower's control | 77 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | loss transfer must be to affiliated person - related not enough | 48 |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | 69 | |
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(12) | 69 | |
| Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(e) - Subparagraph 53(1)(e)(i) | avoidance of double taxation through absence of ACB adjustment | 129 |
Articles
Paragraph 88(1)(c.4)
Articles
Angelo Nikolakakis, Alain Léonard, "The Acquisition of Canadian Corporations by Non-Residents: Canadian Income Tax Considerations Affecting Acquisition Strategies and Structure, Financing Issues, and Repatriation of Profits", 2005 Conference Report (Canadian Tax Foundation), 21:1-61, at 21:24-25:
Subparagraph 88(1)(c.4)(ii)
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Paul Stepak, J. Scott Wilkie, "Relieving and Clarifying Changes to Canadian Bump Rules", Corporate Finance, Volume XVIII, No. 3, 2012, p. 2130 at 2132:
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c.9) | 92 |
Paragraph 88(1)(c.9)
Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Brian R. Carr, Julie A. Colden, "The Bump Denial Rules Revisited", Canadian Tax Journal (2014) 62:1, 273-99.
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Paul Stepak, J. Scott Wilkie, "Relieving and Clarifying Changes to Canadian Bump Rules", Corporate Finance, Volume XVIII, No. 3, 2012, p. 2130 at 2132:
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c.4) - Subparagraph 88(1)(c.4)(ii) | 85 |
Paragraph 88(1)(d)
Cases
Canada v. Oxford Properties Group Inc., 2018 FCA 30
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | using the s. 88(1)(d) bump on newly-formed rental property LPs to avoid indirect recapture income under s. 100(1) was abusive | 975 |
| Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) - Paragraph 98(3)(c) | s. 98(3)(c) bump is intended to avoid gain realization where there has been no economic gain | 267 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(11) | 3-year time limitation in s. 69(11) did not establish safe harbor for avoidance of recapture on sale after that period | 382 |
| Tax Topics - Income Tax Act - Section 100 - Subsection 100(1) | purpose is to ensure that latent recapture will be recognized on sale to tax exempt | 254 |
| Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) | object includes ultimate taxation of the deferred gain | 234 |
| Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) | GAAR question as to determining a provision’s object was subject to correctness standard | 169 |
| Tax Topics - Statutory Interpretation - Hansard, explanatory notes, etc. | statement that amendment was for “clarification” was self-serving | 209 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 45(2) | determination of whether amendment merely clarified requires review of pre-amendment state of law | 146 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(2) | consequential s. 245(2) adjustment must be scaled to the abuse | 391 |
See Also
Oxford Properties Group Inc. v. The Queen, 2016 TCC 204, rev'd 2018 FCA 30
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | no abuse in using 88(1)(d) bump to avoid s. 100 after 3-year s. 69(11) period | 557 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) | subsequent sale part of series as it utilized the benefit of previous LP packaging transactions | 383 |
| Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) | purpose not to tax underlying recapture on subsequent LP unit sale | 431 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 45(2) | subsequent amendment shed light on scope of previous version | 107 |
| Tax Topics - Income Tax Act - Section 100 - Subsection 100(1) | S. 100 operates only on outside basis gain | 290 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(11) | Parliament provided safe harbour for sales after 3 years | 204 |
| Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) - Paragraph 98(3)(c) | purpose: to preserve high outside basis through push down | 293 |
Slate Management Corporation v Canada (Attorney General), 2016 ONSC 4216
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Rectification & Rescission | a generalized intent to achieve a s. 88(1)(d) bump was a sufficient basis to rectify in order to redo an amalgamation | 202 |
Administrative Policy
30 May 2019 Internal T.I. 2019-0806761I7 - Late filing of 88(1)(d) designation
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(b) - Subparagraph 152(4)(b)(iii) | late designation policy coordinated with extended reassessment period | 242 |
14 March 2016 Internal T.I. 2015-0609671I7 - Earnout, Amalgamation, Cost of Shares and ECE
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 14 - Subsection 14(5) - Eligible Capital Expenditure | payments made by Amalco in satisfaction of earnout obligation for acquisition of one precedessor by the other were not ECE | 224 |
| Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base | earnout payments an addition to cost of shares which had since disappeared | 90 |
| Tax Topics - General Concepts - Purpose/Intention | attribution of predecessor's intention to Amalco | 140 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) | position on interest deductibility following target amalgamation is based on policy and ITA scheme rather than technical | 350 |
30 March 2016 External T.I. 2016-0629701E5 F - bump-up 88(1)(d)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Real Estate | land developer accesses capital property status of land held in acquired subsidiary | 64 |
S4-F7-C1 - Amalgamations of Canadian Corporations
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21 November 2011 External T.I. 2011-0416881E5 F - Late-filed designation - paragraph 88(1)(d)
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19 May 2011 IFA Roundtable, 2011-0404521C6 - calculation of tax-free surplus balance
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7 January 2009 External T.I. 2008-0286111E5 F - 88(1)d) and 87(11)-Late-filed designation
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2006 Ruling 2006-0178571R3 - Purchase of Target and Bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) | amalgamation with parent as survivor (forward triangular "D" merger) | 588 |
23 October 1995 External T.I. 9513425 - ARM'S LENGTH TEST
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1994 A.P.F.F. Round Table, Q. 14
10 February 1993 T.I. (Tax Window, No. 28, p. 12, ¶2405)
26 August 1992, T.I. (Tax Window, No. 23, p. 13, ¶2168)
Articles
K.A. Siobhan Monaghan, "Safe Income and the Elusive Subsection 88(1) 'Bump' - and other Problems in a Series", Corporate Structures and Groups, Vol. V, No. 3, 1999, p. 274.
Mark D. Brender, "Interaction of the Mark-to-Market Rules with Step-Up Transactions", Corporate Structures and Groups, Vol. V, No. 2, 1998, p. 256.
M. Ton-That, "Changes to the 'Bump' Rules: Transactions Where It Can Now Be Denied", Corporate Structures and Groups, Vol. V, No. 1, 1998, p. 244.
Subparagraph 88(1)(d)(i)
Subparagraph 88(1)(d)(ii)
Administrative Policy
Articles
Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Subparagraph 88(1)(d)(ii.1)
Articles
Steve Suarez, "Canada's 88(1)(d) Tax Cost Bump: A Guide for Foreign Purchasers", Tax Notes International, December 9, 2013, p. 935
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Paragraph 88(1)(d.2)
Administrative Policy
31 October 2011 External T.I. 2011-0422981E5 F - Whether property is eligible for a bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c) - Subparagraph 88(1)(c)(v) | properties not bumpable as the subsidiary control was deemed by s. 88(1)(d.2) to be acquired at the same time as it acquired the properties | 634 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c) - Subparagraph 88(1)(c)(vi) | bump unavailable given previous non-arm's length acquisition | 153 |
Paragraph 88(1)(d.3)
Administrative Policy
2020 Ruling 2020-0860231R3 - Post-mortem planning
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(2) | redemption of shares stepped up with CGD, giving rise to s. 164(6) carryback, and pipeline followed by s. 88(1)(d) bump, having regard to s. 88(1)(d.2) and (d.3) | 516 |
Articles
Brian Nichols, "Post-Mortem Tax Planning Using Paragraph 88(1)(d) Bumps", Tax Topics, No. 1609, 9 January 2003, p. 1.
Rhonda Rudick, "Bump Denial Rules: Time of Acquisition of Control in the Context of Post-Mortem Estate Planning", Corporate Structures and Groups (Federated Press), Vol. VII, No. 1, 2001, p. 355.
Paragraph 88(1)(e)
Articles
Kevin Yip, "Recent Legislation Affecting Partnerships and Foreign Affiliates – Subsection 88(1) and Section 100", Canadian Tax Journal, (2013) 61:1, 229-256, at 245
Paragraph 88(1)(e.2)
Administrative Policy
S3-F3-C1 - Replacement Property
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Paragraph 88(1)(e.3)
Administrative Policy
2018 Ruling 2017-0711071R3 - Use of subsidiary losses & ITCs after wind-up
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1.1) - Paragraph 88(1.1)(b) | streamed losses of empty-shell Lossco flowed through on its dissolution as Lossco LP business had been acquired years earlier through sub LP | 352 |
Subsection 88(1.1) - Non-capital losses, etc., of subsidiary
See Also
Administrative Policy
2017 Ruling 2017-0711911R3 - loss consolidation ruling
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(1) - Paragraph 111(1)(a) | transfer of losses from parent with losses after FAPI to successive new losscos, which then are wound-up into profitco | 402 |
17 February 2016 External T.I. 2015-0618211E5 - Subsections 88(1.1) and 88(1.2)
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S4-F7-C1 - Amalgamations of Canadian Corporations
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2014 Ruling 2013-0511991R3 - Loss consolidation
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(1) - Paragraph 111(1)(a) | losses transferred to Newco which is wound-up into profitco, s. 88(1.1) loss transfer not effective until articles of dissolution, provincial GAAR ruling, cashless un-wind | 418 |
2013 Ruling 2013-0496351R3 - Loss Consolidation
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(1) - Paragraph 111(1)(a) | value of losses transferred to new Lossco reflected in Lossco sale price | 553 |
5 October 2012 APFF Roundtable, 2012-0454061C6 F - Transfer of a Lossco to a related corporation
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Fair Market Value - Shares | non-capital losses of corporation taken into account in valuing its shares | 162 |
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(1) - Paragraph 111(1)(a) | related but not affiliated transfer of Lossco shares to father's or brother's company | 267 |
| Tax Topics - Income Tax Act - Section 50 - Subsection 50(1) | lossco with no assets or liabilities cannot be insolvent | 417 |
30 May 2012 External T.I. 2012-0447961E5 - Winding-up-Carryover of Non-Capital Losses
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19 March 2001 External T.I. 2001-0067105 - Meaning of winding-up
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11 October 1996 APFF Roundtable, 7M12910 - APFF ROUND TABLE
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22 November 1996 External T.I. 9628845 - REVIVAL OF A DISSOLVED CORPORATION-IMPACT ON LOSSES
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31 October 1994 External T.I. 9420595 - NON-CAPITAL LOSSES
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Halifax Round Table, February 1994, Q. 2
92 C.R. - Q.18
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) | 27 | |
| Tax Topics - Income Tax Act - Section 80 - Subsection 80(5) | 27 |
30 July 1992 T.I. 921653 (March 1993 Access Letter, p. 72, ¶C82-110)
6 February 1992 T.I. (Tax Window, No. 16, p. 20, ¶1736)
23 September 1991 Memorandum (Tax Window, No. 9, p. 5, ¶1469)
Paragraph 88(1.1)(b)
Administrative Policy
2018 Ruling 2017-0711071R3 - Use of subsidiary losses & ITCs after wind-up
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(e.3) | purchaser could acquire Lossco’s business through a sub LP and then acquire Lossco, accessing s. 88(1)(e.3) | 152 |
Paragraph 88(1.1)(e)
Administrative Policy
7 October 2011 APFF Roundtable, 2010-0371941C6 F - Application de l'article 80 - fusion/liquidation
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) - Relevant loss balance | NCL of acquired subsidiary preserved for debt forgiveness purposes on amalgamation but lost (if business ceased) on wind-up | 138 |
16 August 2011 Internal T.I. 2011-0401721I7 F - Loss Utilization
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(5) - Paragraph 111(5)(a) | holding company whose only sources of income were inter-affiliate loan and subsidiary shares had losses from property rather than business | 103 |
Paragraph 88(1.1)(f)
Subsection 88(1.5) - Parent continuation of subsidiary
Articles
Gregory M. Johnson, Wesley R. Novotny, "An Update on Flow-through Shares in the Energy Sector", 2016 Conference Report (Canadian Tax Foundation),12:1-39
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Mike J. Hegedus, Andrew Bateman, "A Closer Look at Subsection 88(1.5) of the Income Tax Act", Resource Sector Taxation, Vol. VIII, No. 3, 2011, p. 591.
Subsection 88(1.7) - Interpretation
Subsection 88(2) - Winding-up of Canadian corporation
See Also
Re Martin and F.P. Bourgault Industries Air Seeder Division Ltd. (1987), 45 DLR (4th) 296 (Sask. C.A.)
Administrative Policy
26 November 2014 External T.I. 2014-0551641E5 F - Winding-up and subsection 42(1)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 42 | corporation permitted to claim litigation loss following effective time of winding-up | 104 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) | effective time of winding-up not delayed by potential litigation liability | 104 |
10 December 2013 External T.I. 2013-0480771E5 F - Winding-Up of a Corporation
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2013 Ruling 2012-0443081R3 - Distribution of pre-72 Capital Surplus on Hand
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) | circularity issue | 673 |
| Tax Topics - Income Tax Act - Section 54 - Personal-Use Property | 118 |
Articles
O'Connor, "Revisiting Pre-1972 Capital Surplus on Hand (the More Things Change, the More They Stay the Same)", Personal Tax Planning, 1996 Canadian Tax Journal, Vol. 44, No. 2, p. 501.
Paragraph 88(2)(a)
Paragraph 88(2)(b)
Subsection 88(2.1)
Administrative Policy
15 October 1991 T.I. (Tax Window, No. 11, p. 8, ¶1525)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base | 46 |
Subsection 88(3) - Liquidation and dissolution of foreign affiliate
See Also
Dauphin Plains Credit Union Ltd. v. Xyloid Industries Ltd., 80 DTC 6123, [1980] CTC 247, [1980] 1 S.C.R. 1182
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 153 - Subsection 153(1) - Paragraph 153(1)(a) | receiver-manager included | 25 |
| Tax Topics - Income Tax Act - Section 159 - Subsection 159(2) | 36 | |
| Tax Topics - Income Tax Act - Section 227 - Subsection 227(5) | 41 | |
| Tax Topics - Statutory Interpretation - Interpretation Act - Section 17 | 38 |
Administrative Policy
16 May 2018 IFA Roundtable Q. 5, 2018-0745501C6 - Meaning of “merged or combined” in 40(3.5)(c)(i)
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 40 - Subsection 40(3.5) - Paragraph 40(3.5)(c) - Subparagraph 40(3.5)(c)(i) | suspended loss on the sale of CFA to Subco was not de-suspended on s. 88(3) wind-up of CFA | 205 |
17 July 2014 External T.I. 2014-0536331E5 - Foreign affiliate liquidation and dissolution
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14 August 2008 External T.I. 2004-0104691E5 - Conversion of a LLC to a LP
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Corporation | Del. LP a partnership notwithstanding separate legal personality | 168 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | LLC conversion to Delaware LP | 54 |
26 October 2007 External T.I. 2005-0137641E5 - Dissolution of Foreign Affiliate
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IT-126R2, "Meaning of 'Winding-Up' ", March 20, 1995
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | 223 | |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) | 132 |
Articles
Patrick Marley, "Foreign Affiliate Mergers and Liquidations - Navigating Proposed Changes", Canadian Current Tax, Vol. 16, No. 12, September 2006, p. 125.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(d.1) | 0 |
Paragraph 88(3)(d)
Administrative Policy
3 February 2016 External T.I. 2014-0548111E5 - U.S. tax paid in respect of an LLC's income
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 126 - Subsection 126(7) - Non-Business-Income Tax | LLC tax paid by Cdn member not re business | 169 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(11) | only income was taxable capital gains | 136 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(12) | s. 20(14) deduction for US operating-income taxes imposed on Cdn LLC member even where his only Cdn income from LLC is taxable capital gain | 439 |
| Tax Topics - Income Tax Act - Section 126 - Subsection 126(1) | FTC for US operating-income taxes imposed on Cdn LLC member even where his only Cdn income from LLC is taxable capital gain | 331 |
| Tax Topics - Treaties - Income Tax Conventions - Article 24 | Treaty sourcing rule does not trench on domestic FTC | 215 |
Subsection 88(3.3) - Suppression election
Articles
Geoffrey S. Turner, "June 2014 Election Deadlines for Retroactive Application of New Foreign Affiliate Reorganization Rules", CCH International Tax, No. 74, February 2014, p. 1.
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Eric Lockwood, Maria Lopes, "Subsection 88(3): Deferring Gains on Liquidation and Dissolution", Canadian Tax Journal (2013) 61:1, 209-28, p. 209
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 93 - Subsection 93(1) | 413 | |
| Tax Topics - Income Tax Regulations - Regulation 5905 - Subsection 5905(7.2) | 577 |
Subsection 88(3.4) - Conditions for subsection (3.3) election
Subsection 88(4) - Amalgamation deemed not to be acquisition of control
Paragraph 88(4)(b)
Commentary
Administrative Policy
2012 Ruling 2012-0451421R3 - Purchase of Target and bump
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 212.3 - Subsection 212.3(18) - Paragraph 212.3(18)(c) | deemed investment on amalgamation of subsidiary | 833 |
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c.3) - Subparagraph 88(1)(c.3)(i) | guarantee | 32 |
2008 Ruling 2007-0240271R3 - Purchase and bump
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18 December 2002 External T.I. 2002-0130715 - Availability of Bump After Amalgamation
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Articles
Paul Stepak, Eric C. Xiao, "The 88(1)(d) Bump – An Update", 2013 Conference Report (Canadian Tax Foundation), pp.13:1-60
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Commentary