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.
5-942993
XXXXXXXXXXJ. Teixeira
(613) 957-8953
Attention: XXXXXXXXXX
February 16, 1995
Dear Sirs:
Re: Types of property
This is in reply to your letter of November 21, 1994, wherein you requested our opinion on determining the "type of property" for purposes of paragraph 55(3)(b) of the Income Tax Act.
Generally, the type of property is determined at the time the distributing corporation transfers the property to a transferee. However, the determination will depend on the circumstances of each case.
The foregoing comments represent our general views with respect to the subject matter of your letter. In accordance with paragraph 21 of Information Circular 70-6R2 the comments expressed herein do not constitute an advance income tax ruling and consequently are not binding on the Department.
Yours truly,
for Director
Reorganizations and Foreign Division
Rulings Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1995
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