Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
7-940319
XXXXXXXXXX Franklyn S. Gillman
Attention: XXXXXXXXXX
August 29, 1994
Dear Sirs:
Re: Subsection 127(10.1) of the Income Tax Act (the "Act")
Investment Tax Credit within an Associated Group of Companies
Your letter of December 23, 1993 to the Vancouver District Office of Revenue Canada, Customs, Excise and Taxation (the "Department"), was forwarded to us for consideration and reply. In your letter, you analyzed a certain scenario and asked the Department whether it had an administrative policy which dealt with such situations. We apologize for the delay in responding to your request.
We have reviewed your above mentioned letter and agree with your analysis regarding the application of subsection 127(10.1) of the Act.
In our opinion the legislation is clear and succinct in this area and, as a result, the Department does not have an administrative policy to deal with such matters. Legislative changes would be required in order to obtain a more favourable result.
Yours truly,
for Director
Manufacturing Industries,
Partnerships and Trusts Division
Rulings Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1994
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© Sa Majesté la Reine du Chef du Canada, 1994
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