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.
Principal Issues: treatment of bulk sample revenue
Position: reduces CCEE
Reasons: 66(12.1)
December 22, 1998
Rouyn-Noranda TSO Resource Industries
Verification, Enforcement Section
and Compliance Denise Dalphy
(613) 957-9231
Attention: Louisa Rancourt
Conrad Thériault
981713
XXXXXXXXXX
This is further to your memorandum of September 10, 1998 and our (Rancourt/Dalphy) telephone conversation of December 21, 1998 concerning the taxation of pre-production revenue received by the above-noted taxpayer.
In our opinion, paragraph 66(12.1)(a) of the Income Tax Act may be relied upon to support the reduction of “cumulative Canadian exploration expenses” by related pre-production revenue. XXXXXXXXXX.
We enclose the materials that you sent to us on September 10, 1998. If we can be of any further assistance or if you wish to discuss this matter further, please contact the writer.
John Chan, Manager
Resource Industries Section
Resources, Partnerships and Trusts Division
Income Tax Rulings and Interpretations Directorate
Policy and Legislation Branch
Att.
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