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Election for nil consideration: Rv3-2/14-5-2012E-PDF

"This memorandum examines the requirements of the election and the terms set out in section 156 as well as the rules for determining if Canadian partnerships and corporations are closely related for purposes of this election. It also examines the special provision in section 156 that allows a corporation, which exists to receive a transfer of property from an existing corporation as part of a transaction that meets the requirements of paragraph 55(3)(b) of the Income Tax Act (a “butterfly” transaction), to be a party to the election if the corporations satisfy certain requirements"--p. [1].

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Department/Agency Canada Revenue Agency.
Title Election for nil consideration
Series Title GST/HST memorandum
Publication Type Series - View Master Record
Language [English]
Other Language Editions [French]
Format Electronic
Electronic Document

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Note Issued also in French under title: Choix visant les fournitures sans contrepartie. Caption title. "October 2012." Chapter 14.5 of the GST/HST memoranda series.
Date 2012.
Number of Pages 15 p. :
Catalogue Number
  • Rv3-2/14-5-2012E-PDF
Subject Terms Goods and services tax, Harmonized sales tax, Income tax