Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
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.
XXXXXXXXXX 950733
Attention: XXXXXXXXXX
March 11, 1996
Dear Sirs/Mesdames:
Re: Advance Income Tax Ruling Request
XXXXXXXXXX
Further to your letter of February 20, 1996, this is to confirm that the above-noted ruling request is withdrawn. Your deposit will be returned in a separate letter.
The issue on which you had requested a ruling, the acceptability of using either the realization method or the mark-to-market method to report income on futures, forwards and options held for non-hedging purposes, is currently the subject of an intensive review by Revenue Canada. That review will take some time to complete. We will contact you once Revenue Canada has concluded its review and formulated a position.
With respect to your comment that "...any administrative policy statement made by Revenue Canada on this issue in the future will have prospective effect only," I wish to clarify that while I personally would expect and will recommend that to be the case, collective agreement on that point between various areas of the Department will be necessary before any statement to that effect can be affirmed.
Yours truly,
R.S. Biscaro
Director
Manufacturing Industries, Partnerships
and Trusts Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1996
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© Sa Majesté la Reine du Chef du Canada, 1996
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