21 July 1989 Income Tax Severed Letter AC58054 - Loss Carryforward Applications

By services, 22 July, 2022
Official title
Loss Carryforward Applications
Language
English
Document number
Citation name
AC58054
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
656965
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1989-07-21 08:00:00",
"field_tags": []
}
Main text
19(1)                               5-8054
                                             M. Eisner
                                             (613) 957-2138

Dear Sirs:

This is in reply to your letter of May 3, 1989 concerning changes to loss carryforward applications.

With respect to this issue, the Department will generally accede to a request to substitute one type of loss for another provided the request can be processed within the time limits specified under paragraph 152(4)(c) and the taxpayer is eligible to have the loss applied in the manner requested. We note that it is not necessary that the taxpayer be in a NIL taxable position for a substitution of losses to be made.

We trust you will find the foregoing satisfactory.

Yours truly,

for Director Small Business and General Division Specialty Rulings Directorate Legislative and Intergovernmental Affairs Branch