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66088, DO 96 88, Application to Form an Operating Subsidiary, 0829 66088, DO 96 88, Application to Form an Operating Subsidiary,
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People also ask
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What is the 88 1 D bump designation?
Overview of the 88(1)(d) bump The 88(1)(d) bump is available only when a taxable Canadian corporation (the parent) owning all the shares in another taxable Canadian corporation (the subsidiary) causes the subsidiary to wind up or merge into the parent. -
What is a bump transaction?
The tax basis of certain non-depreciable capital properties owned by the target company can be increased if the target company is amalgamated with or wound up into the Canadian acquisition company. This is often referred to as a 'bump'. -
What is subsection 88 1 of the ITA?
Paragraph 88(1)(a) deems that the property distributed by the subsidiary to the parent upon its dissolution was disposed of for proceeds equal to the cost amount of such property to the subsidiary. Paragraph 88(1)(b) generally allows the parent corporation to dispose of its shares in the subsidiary on a tax-free basis. -
What is the 88 exemption?
Taxpayers can claim deductions for contributions made towards EPF and PPF under Section 88. The maximum deduction that can be claimed for EPF is 12% of the taxpayer's salary, while for PPF, it is up to Rs. -
What is under Section 88?
“(1) Subject to the provisions of this section, the assessee shall be entitled to a deduction from the amount of income-tax on his total income with which he is chargeable for any assessment year of an amount equal to the income-tax calculated at the average rate of income-tax on any sums paid by him in the previous ... -
What is 88 1 windup?
Subsection 88(1) Under paragraph 88(1)(a), property of the subsidiary corporation that is disposed of and distributed to its parent corporation on a wind-up shall be deemed to be disposed of by the subsidiary (to its parent) for proceeds equal to the subsidiary's cost amount. -
What is Section 88 of the Income Tax Act?
Taxpayers can claim deductions for contributions made towards EPF and PPF under Section 88. The maximum deduction that can be claimed for EPF is 12% of the taxpayer's salary, while for PPF, it is up to Rs. 1.5 lakh per year. -
What is Section 88 dissolution?
Section 88 of the Income Tax Act is precisely designed to ensure that, after the winding-up of a 90% subsidiary corporation into its parent corporation, that subsidiary's losses (including non-capital losses and net capital losses) are available for use by the parent corporation, subsection to certain restrictions.
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