Tax Planning in Tough Times – Part 2 – Debt Forgiveness and Allowable Business Investment Losses |
 | a) Debt Forgiveness Among the items covered are key terms in section 80 – commercial debt obligation, distressed preferred share, forgiven amount, relevant loss balance, when debt forgiveness applies, s.80.01 when a debtors obligation is deemed to be settled, what happens when an obligation is parked, when debt is converted into equity, application of debt settlement and ordering of properties, allowable reserves in s.61.2, 61.3 and 61.4 and more. b) ABIL The session concentrates on a discussion of key definitions in s.39(1) – Small Business Corporation, Canada Controlled Private Corporation, what qualifies for ABIL, time period for shares or debt to qualify for ABIL, carry forward period of ABIL's, s.50(1) election for purposes of an ABIL where debt or shares are still owned, what constitutes that a debt is "bad" or that a share has experienced a loss, inter-corporate debt and application of ABIL and more. |
2009 National Conference on Income Taxes, October 7-8, 2009, Toronto, ON Audio synchronized to PowerPoint presentation: 68 slides, length 01:20:03 |
