| June 27, 1990 | |
| OTTAWA DISTRICT OFFICE | Specialty Rulings |
| Directorate | |
| K. Staple | D. Yuen |
| Business File Section | 957-2111 |
| 8th Floor | |
| File No. 900763 |
SUBJECT: Sections 79 and 80 of the Income Tax Act (Canada) (the "Act")
We are writing in response to your request of May 15, 1990 for our opinion on the application of sections 79 and 80 of the Act in a situation to which we supplied comments in our memorandum of April 17, 1990.
Further to a conversation on June 21, 1990 (Machado/Yuen), this memorandum is to confirm that we will be closing our file on this matter.
for Director Reorganizations and Non-Resident DivisionSpecialty Rulings DirectorateLegislative and Intergovernmental Affairs Branch
Issue Sheet
| D. Yuen | |
| 900763 |
Reason for File Closure
The Ottawa District Office requested our comments on whether section 79 or 80 apply in a certain situation. After a review of the situation, 23 We provided verbal opinions respectively based on IT-505 and IT-293R, that either section 79 or 80 may be applicable in the circumstances.
Due to the taxpayer's return approaching its statute-barred date (July 20, 1990), the taxpayer's apparent reluctance to provide a waiver and an 23 it was agreed with the Ottawa District Office that the file will be closed since any time delay may jeopardize the reassessment of the return. The Ottawa District Office will attempt to obtain a waiver or will issue a reassessment. They will contact us subsequently if they require a written opinion in support of their position.