30 March 2010 Internal T.I. 2010-0354391I7 F - P.VI.1:Rachat à l'enchère hollandaise modifiée -- summary under Shares

Deemed dividends on the purchase for cancellation of common shares tendered under a modified Dutch auction came within the (a)(i) and (e)(i) FMV exceptions under the short-term preferred share definition given that the purchase price established under the auction process and the resulting agreements “did not exceed the FMV of the Corporation's common shares at the time these agreements were entered into or at the time the shares were acquired.”