TPS Internation Tax OfficeRulings Directorate
Attention: G. Rowland
Emigration of Canadian Controlled Private Corporation
This is in response to your Round Trip Memorandum of July 14, 1993 wherein you requested our comments concerning the proposed disposition of the shares of the CCPC by a non-resident of Canada after the CCPC emigrates to the United States.
In accordance with paragraph 21 of Information Circular 70-6R2, dated September 28, 1990, where a requested interpretation relates to a contemplated transaction, the taxpayer is required to submit such a request, in the form set out in paragraph 15 of that Circular for an advance income tax ruling rather than a request for a written opinion.
In addition, we are not in a position to provide you with any general comments since we would require additional details concerning the proposed transaction.
It should also be noted that when they become law, the proposed amendments to the Income Tax Act will repeal sections 48 and 88.1 of the Act and replace them with section 128.1 of the Act which will be applicable to transactions which take place after 1992.
If you have any further questions on the matter you can contact either the writer or the undersigned.
Yours truly,
for DirectorReorganizations and Foreign DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch