On similar facts to those in the Interprovincial case, infra, it was found that the taxpayer was required to net its interest expense against the interest receivable by it from its U.S. subsidiary for purposes of computing its foreign tax credit in light of the enactment of s. 139(1b) by S.C. 1960, c. 43 (now s. 4(3)).
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s. 4(3) requires netting of interest expense
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Drupal 7 entity type
Node
Drupal 7 entity ID
333949
Extra import data
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"field_legacy_header": "<strong><em><a id=\"IPL\"></a>Interprovincial Pipe Line Co. v. MNR</em></strong>, 68 DTC 5093, [1968] CTC 156, [1968] SCR 498 <strong>[s. 4(3) requires netting of interest expense]</strong>",
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