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.
Principal Issues: Minor amendments to ruling to correct typos.
Position: OK
Reasons: Typos only.
XXXXXXXXXX XXXXXXXXXX 2000-001884 XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 2000
Dear Sirs:
Re: XXXXXXXXXX
We are writing in response to our (XXXXXXXXXX) telephone conversation of XXXXXXXXXX regarding the advance income tax ruling (our file 2000-000912) issued to your firm on XXXXXXXXXX on behalf of XXXXXXXXXX.
Pursuant to that telephone conversation, we advise that the aforementioned advance income tax ruling is amended as follows:
Paragraph 8 of the Proposed Transactions thereof is amended to read:
Pursuant to an order granted by the Court on XXXXXXXXXX, the Noteholders and Claims Creditors of ACO met to consider and vote on the Plan on XXXXXXXXXX. The Plan was approved by a majority in number and those representing XXXXXXXXXX in value of the Noteholders and Creditors which were present and voting at the meeting. An application was made by ACO and BCO to the Court for a final order approving the Plan which final order was issued on XXXXXXXXXX. The date of the implementation of the Plan will be XXXXXXXXXX.
Ruling "B" thereof is amended to read:
Provided that the restructuring fee, as described in subparagraph 8(d) of the Proposed Transactions, to be paid to the Noteholders does not exceed the value at the time of the payment of the interest that, but for the rescheduled principal repayments on the Notes, as described in clauses 9(c)(ii),(iv),(v) and (vi) of the Proposed Transactions, would have been paid or payable by ACO as interest on the Notes for taxation years ending after that time, such payment will, pursuant to subparagraphs 18(9.1)(e) and (f) of the Act, be deemed to have been paid by ACO and received by the Noteholders as interest on the Notes.
We confirm that the amendment to the Proposed Transaction and to the ruling described herein will be binding on Revenue Canada in the manner set forth in the original advance income tax ruling.
We trust that this is the information which you require.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch