Principal Issues: Minor changes to facts in ruling.
Position: No impact on rulings previously given.
XXXXXXXXXX 2005-011265
XXXXXXXXXX, 2005
Dear Sir:
Re: Supplemental Advance Income Tax Ruling Request
XXXXXXXXXX
XXXXXXXXXX (the "Taxpayers")
Further to your facsimile letter of XXXXXXXXXX, the following amendments are made to advance income tax ruling 2004-006027 that was issued to the Taxpayers on XXXXXXXXXX, 2004 (the "Ruling"), as amended by supplemental advance income tax ruling 2004-010939 that was issued to the Taxpayers on XXXXXXXXXX, 2005 (the "Supplemental Ruling"):
(a) the word "include" in the second sentence in paragraph 9 is changed to "includes";
(b) the second last sentence and last sentence in paragraph 10 are deleted and replaced with "XXXXXXXXXX";
(c) paragraph 13(b) is deleted and replaced with "XXXXXXXXXX , the remaining members of SOCIETY, will pass a resolution pursuant to the By-Laws of SOCIETY admitting XXXXXXXXXX as members of SOCIETY; and";
(d) paragraph 13.1 is added, which states, "XXXXXXXXXX";
(e) paragraphs 14, 15 and 16 are deleted; and
(f) paragraph 17 is deleted and replaced with "Thereafter, in accordance with the By-Laws of SOCIETY, XXXXXXXXXX, acting in their capacities as members of SOCIETY, will elect directors of SOCIETY at each annual general meeting and will determine the admission of its future members"; and
(g) the last sentence of paragraph 19 is deleted.
We confirm that the Ruling, as amended herein and by the Supplemental Ruling, remains binding on the Canada Revenue Agency subject to the same limitations and qualifications in the Ruling and the Supplemental Ruling.
Yours truly,
for Division Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Policy and Planning Branch