,canada ,rev5ue ,ag5cy #a ,m ,ways 6,s]ve ,y6 ,9come ,tax ,te*nical ,news ,numb] #cb ,july #ae1 #bjje ,9 ,? ,issue ,revoc,n ( ,previ\sly ,issu$ ,rul+s ,applic,n ( ,p5alties ,taxpay]'s ,opportunities 6,respond 6,assess;ts ,3trol 9 ,fact3 ,impact ( ,rec5t ,jurisprud;e ,subsec;n #ie7#f73 ,scope ( ,applic,n ,,cra ,a3ess 6,a3.tants' or ,auditors' ,"w+ ,pap]s ,new ,adm9i/rative ,policy on ,s+le- ,purpose ,corpor,ns ,notice ( ,objec;n ( ,l>ge ,corpor,n3 ,impact (! ,pota% ,corpor,n ,case #a  ,te*nical news a#a ,jo9t ,9t]n,nal ,task ,=ce on ,tax ,%elt]s ,res]ve = ,prepd ,am.t3 ,impact (! ,ellis ,vi.n ,case ,update on ,,gaar ,reviews ,! ,9come ,tax ,te*nical ,news is produc$ 0! ,policy & ,plann+ ,bran*4 ,x is provid$ = 9=m,n purposes only & does n replace ! law4 ,if y h any -;ts or su7es;ns ab ! matt]s 4cuss$ 9 ? public,n1 pl1se s5d !m to3 ,9come ,tax ,rul+s ,directorate ,policy & ,plann+ ,bran* ,canada ,rev5ue ,ag5cy ,ottawa ,,on ,k#a;,a #j;,l#e ,! ,9come ,tax ,te*nical ,news c 2 f.d on ! ,canada ,rev5ue ,ag5cy ,9t]net site at _+www.cra.gc.ca_:4 ,? issue 3ta9s topics ( curr5t 9t]e/ t 7 4cuss$ at ! annual .,canadian #b  ,te*nical news b#a .,tax .,f.d,n 3f];e held 9 ,toronto f ,septemb] #bf 6#bh1 #bjjd1 0,wayne ,adams1 ,director ,g5]al1 ,9come ,tax ,rul+s ,directorate1 ,policy & ,plann+ ,bran* & ,bruce ,all51 ,,ba1 ,,cma1 ,director1 ,toronto ,c5tre ,tax ,s]vices ,(fice1 ,canada ,rev5ue ,ag5cy 7,,cra74 ,revoc,n ( ,previ\sly ,issu$ ,rul+s ,"q ,"u :at circum/.es w ! ,,cra *oose 6revoke or n 6abide 0! t]ms (a rul+ previ\sly issu$ 6a taxpay]8 ,response ,9valid,n ( rul+s is 9frequ5t1 b x may o3ur 9 cases ": "! is a mat]ial omis.n or misrepres5t,n 9 ! /ate;t ( relevant facts or propos$ transac;ns submitt$ 0! taxpay] or ! taxpay]'s au?oriz$ repres5tative4 ,9 ^! cases1 ! adv.e 9come tax rul+ w 2 3sid]$ 9valid &! ,,cra w n 2 b.d 0x4 ,! facts & #c  ,revoc,n ( previ\sly c#a transac;ns 9 ! rul+ >e1 ( c\rse1 subject 6v]ific,n at ! "t (! audit4 ,": an adv.e 9come tax rul+ is issu$ cov]+ a 3t9u+ ac;n or s]ies ( ac;ns1 or ": ! transac;ns >e n yet -plet$ & x is subsequ5tly det]m9$ t ! rul+ is 9 ]ror1 x may 2 revok$4 ,! revoc,n w n 2 made retroactively b w apply only 6^? ac;ns or transac;ns : take place af ! date ( revoc,n4 ,! ,directorate w give ! taxpay] writt5 notice ( an 9t5;n 6revoke an adv.e 9come tax rul+ &! opportun;y 6make repres5t,ns 2f a deci.n is made4 ,a revoc,n is e6ect$ 0writt5 notice f ! ,directorate 6! taxpay] 6:om ! rul+ 0 issu$4 --------------------------------------#b ,! ,directorate w 3sid] h>moniz+ xs policies ) ^? (! ,excise & ,,gst/,,hst ,rul+s ,directorate & is al "w+ m closely )! ,audit func;n4 ,\r #d  ,revoc,n ( previ\sly a#b curr5t policies >e \tl9$ 9 ,9=m,n ,circul> #gj-f;,r#e 99#a4 ,any revi.n 6! policies w 2 reflect$ 9 a revis$ circul>4 ,m1n:ile1 practi;n]s may br+ matt]s ( 3c]n 9 ? reg>d directly 6! att5;n (! ,directorate or 6any ,,cra (ficial1 :o w relay ! 9=m,n 6! appropriate >ea4 99#a ,9=m,n ,circul> #gj-f;,r#e1 ,adv.e ,9come ,tax ,rul+s1 ,may #ag1 #bjjb4 ,applic,n ( ,p5alties ,"q #a ,has ! ,,cra propos$ 6levy1 or has x levi$ any ?ird-"py civil p5alties "u sec;n #afc.b (! ,9come ,tax ,act8 ,response #a ,on "o o3a.n s f>1 ! ,,cra has levi$ a 8p5alty = "picipat+ 9 a misrepres5t,n0 "u subsec;n #afc.b7#d74 ,o!r ?ird-"py p5alty situ,ns >e curr5tly "u review1 b no proposals 6apply civil #e  ,applic,n ( p5alties b#b p5alties 9 ^! cases h be5 issu$ z (! date ( ? 3f];e4 ,"q #b ,:at guidel9es d field auditors foll[ 9 apply+ ^! p5alties8 ,response #b ,9=m,n ,circul> #ja-a 99#b \tl9es ! ,,cra's guidel9es & processes = apply+ ! ?ird-"py civil p5alties4 ,9 a4i;n1 ! ,,cra has issu$ ,-muniqu@e ,,ad-#jc-a 6provide fur!r guid.e = ,,cra p]sonnel4 99#b ,9=m,n ,circul> #ja-a1 ,?ird ,"py ,civil ,p5alties1 ,septemb] #ah1 #bjja4 ,! auditor m/ -plete a p5alty report 9 e case ": ! p5alty is propos$4 ,! report sets \ ! crit]ia 2+ 3sid]$ 9 ea* case recomm5d+ a p5alty1 9clud+ any 9=m,n or explan,ns f ! ?ird "py t may mitigate or c.t] ! imposi;n #f  ,applic,n ( p5alties c#b (! p5alty4 ,! p5alty report w 2 availa# on reque/ at ! objec;n /age4 ,! ,,cra 9t5ds 6/rictly 3trol ! applic,n (! p5alties4 ,6? 5d1 ! ,,cra e/abli%$ a ,h1dqu>t]s review -mittee4 ,! -mittee is -pos$ ( s5ior repres5tatives f ! ,,cra & f ! de"p;ts ( ,f9.e & ,ju/ice4 ,"q #c ,pl1se provide an update on ! activities (! ,transf] ,pric+ ,review ,-mittee4 ,response #c ,6date1 "! h be5 sev5te5 ref]rals 3sid]$ 0! ,-mittee4 ,six ( ^? ref]rals recomm5d$ a re"*iz,n ( 9come "u p>agraph #bdg7#b77b7 (! ,9come ,tax ,act4 ,^! files h be5 s5t back 6! field = 4cus.n1 &! cases >e / ongo+4 ,p5alties h be5 recomm5d$ 9 five o!r cases2 two ( ^? h alr be5 reassess$1 &! o!r ?ree h j be5 ref]r$ back #g  ,applic,n ( p5alties d#b 6! field4 ,"! 0 no ac;n tak5 on ! o!r six cases4 ,taxpay]'s ,opportunities 6,respond 6,assess;ts ,"q #a ,:at is ! ,,cra's policy 65sure t taxpay]s h an adequate opportun;y 6respond 6& 64pute a propos$ assess;t8 ,response #a ,:5 an audit is -plet$1 ! auditor may propose 6adju/ ! tax paya# 0reassess+ ! taxpay]'s return4 ,9iti,y ! proposal w 2 4cuss$ )! taxpay] &/or ! taxpay]'s repres5tative4 ,! auditor w 3firm ! proposal 9 writ+1 all[+ a r1sona# p]iod 9 : 6make repres5t,ns4 ,! proposal lr %d 3ta9 a full summ>y ( facts1 an analysis1 &a cit,n (! au?or;y =! propos$ reassess;t4 ,detail$ & well-expla9$ adju/;ts >e ess5tial1 n only = taxpay]s & _! #h  ,taxpay]'s opportunities e#b advis]s b al =! ,,cra's 9t]nal 3trol & review4 ,"q #b ,a"p f ! ,,cra app1ls process1 :at av5ues ( redress >e availa# 6taxpay]s & _! advis]s 65sure t _! posi;ns >e fully 3sid]$8 ,response #b ,mo/ issues >e resolv$ "? meet+s & correspond;e 2t ! taxpay]'s advis]1 ! auditor1 &! t1m l1d]4 ,y may al raise an issue )! sec;n manag]1 )! ,assi/ant ,director--,v]ific,n & ,5=ce;t1 & f9,y )! ,director (! ,tax ,s]vices ,(fice4 ,! same process applies 6sci5tific rese>* & exp]i;tal develop;t claims & 6collec;ns cases4 #i  ,3trol 9 ,fact3 ,impact ( #c ,rec5t ,jurisprud;e ,"q ,6:at ext5t is ! ,,cra abid+ 0! pr9ciples set \ 0! ,f$]al ,c\rt ( ,app1l &! ,tax ,c\rt ( ,canada 9 ,l5e/] ,sales 99#c & #ijdd-ihjg ,qu@ebec ,9c4 99#d 9 det]m9+ ! scope (! rule 9 subsec;n #bef7#e.a7 (! ,9come ,tax ,act &! 3cept ( 83trol 9 fact08 99#c ,! ,que5 v4 ,l5e/] ,sales ,ltd4 et ;al1 #bjjd ,,dtc #fdfa 7,,fca72 a6irm+ ,l5e/] ,sales ,ltd4 et ;al v4 ,! ,que51 #bjjc ,,dtc #iig 7,,tcc74 99#d #ijdd-bhjg ,qu@ebec ,9c4 v4 ,! ,que51 #bjjd ,,dtc #fada 7,,fca74 ,response ,! ,l5e/] ,sales case 9volv$ a fran*ise op]ator4 ,! fran*isor ex]cis$ ext5sive 3trol ov] ! corpor,n t op]at$ ! local fran*ise4 ,9 \r view1 ! #aj  ,3trol 9 fact a#c ,f$]al ,c\rt ( ,app1l's deci.n 9 ,l5e/] ,sales ac"kl$ges t "! >e two te/s = det]m9+ :e!r 3trol 9 fact exi/s =! purposes ( subsec;n #bef7#e.a74 ,! f/ is ! n>r[] te/ enunciat$ 9 ,silicon ,graphics 99#e requir+ t a p]son or a gr\p ( p]sons m/ h ! cle> "r & abil;y 6e6ect a significant *ange 9 ! bo>d ( directors or _! p[]s or 6directly 9flu;e ! %>ehold]s :o wd o!rwise h ! abil;y 6elect ! bo>d4 ,! second is ! broad] te/ appli$ 9 ano!r s]ies ( cases ref]r$ 60! ,tax ,c\rt ( ,canada 9 xs deci.n & cit$ 9 \r previ\s response ) respect 6! impact ( ,silicon ,graphics at ! #bjjb ,canadian ,tax ,f.d,n annual 3f];e4 99#f ,s9ce #bjjb1 ! ,tax ,c\rt ( ,canada's deci.n 9 ,mimetix ,ph>maceuticals ,9c4 has be5 upheld1 99#g &! appellant 9 ,ros>io ,poiri] 99#h )drew xs app1l (! ,tax ,c\rt ( ,canada's deci.n foll[+ ! rel1se (! ,f$]al ,c\rt ( #aa  ,3trol 9 fact b#c ,app1l's deci.n 9 #ijdd-bhjg ,qu@ebec ,9c4 9 ,janu>y #bjjd4 99#e ,silicon ,graphics ,limit$ at p>agraph #fg4 99#f ,9come ,tax ,te*nical ,news ,no4 #be 7,octob] #cj1 #bjjb71 ,"q #d4 99#g ,mimetix ,ph>maceuticals ,9c4 v4 ,! ,que51 #bjjc ,,dtc #eaid 7,,fca72 a6irm+ #bjjc ,,dtc #ajbf 7,,tcc74 ,9 t case1 ! ,tax ,c\rt cit$ p>agraphs #ba & #bc ( ,,it-#fd;,r#d & 3sid]$ a numb] ( factors1 9clud+ "d-to-"d op],nal 3trol &! exi/;e (a sub/antial debt4 99#h ,ros>io ,poiri] ,9c4 v4 ,! ,que51 #bjjb ,,dtc #aidj 7,,tcc74 ,9 #ijdd-bhjg ,qu@ebec ,9c41 ! ,f$]al ,c\rt ( ,app1l 3sid]$ a situ,n 9volv+ ?ree corpor,ns [n$ 0memb]s (a family4 ,! ,m9i/] d5i$ two claims =! small busi;s deduc;n on ! basis t all ?ree corpor,ns 7 associat$ 0virtue ( de facto 3trol4 ,! ,f$]al ,c\rt ( #ab  ,3trol 9 fact c#c ,app1l upheld ! ,tax ,c\rt ( ,canada's deci.n d5y+ ! app1l4 ,9 >riv+ at xs deci.n1 ! ,c\rt 9dicat$ t x is impossi# 6li/ all (! factors t mii\s %>ehold]s 7 su6ici5t factors e/abli%+ factual 3trol )9 ! m1n+ ( subsec;n #bef7#e.a7 (! ,9come ,tax ,act4 99#i ,supra note #d1 at p>agraph #bd4 ,we 2lieve t ! crit]ia 3ta9$ 9 p>agraphs #ba & #bc ( ,,it-#fd;,r#d 99#aj rema9 valid #ac  ,3trol 9 fact d#c crit]ia = det]m9+ :e!r de facto 3trol exi/s =! purposes (! ,9come ,tax ,act4 99#aj ,9t]pret,n ,bullet9 ,,it-#fd;,r#d 7,3solidat$71 ,corpor,ns3 ,associ,n & ,3trol4 ,subsec;n #ie7#f73 ,scope ( ,applic,n ,"q ,:5 does subsec;n #ie7#f7 (! ,9come ,tax ,act apply 9 respect ( f9anc+ >range;ts 9volv+ =eign a6iliates8 ,response ,subsec;n #ie7#f7 is a broadly ^w$ anti-avoid.e rule4 ,9 ! ,,cra's view1 ! ,de"p;t ( ,f9.e's te*nical notes d n su7e/ a re/rictive applic,n (! provi.n4 99#aa 99#aa ,canada1 ,de"p;t ( ,f9.e1 ,explanatory ,notes ,relat+ 6,9come #ad  ,subsec;n #ie7#f7 e#c ,tax 7,ottawa3 ,de"p;t ( ,f9.e1 ,m>* #bjja71 clause #gc4 ,x is n possi# 6(f] g5]al -;ts on ! scope ( applic,n (! provi.n 6corporate /ructures 9volv+ =eign a6iliates4 ,h["e1 ! ,,cra cd 3sid] id5tify+ examples ( /ructures t d n (f5d subsec;n #ie7#f74 ,9 ! m1n"t1 ! ,directorate w 3t9ue 6rule on ! applic,n (! provi.n 9 propos$ /ructures4 ,,cra ,a3ess 6,a3.tants' or ,auditors' ,"w+ ,pap]s ,"q ,we "u/& t ! ,,cra is review+ xs exi/+ policy reg>d+ a3ess 6! "w+ pap]s (a taxpay]'s a3.tants &/or auditors4 ,w ! ,,cra 5sure t any new policy 9 ? >ea is develop$ "? 3sult,ns )! tax1 a3.t+1 & busi;s -munities8 #ae  ,,cra a3ess 6a3.tants' f#c ,response ,! ,,cra recognizes ! import.e ( ? issue 6! tax1 a3.t+1 & busi;s -munities4 ,acly1 ! ,,cra w 3duct broad-bas$ 3sult,ns 9 "pn]%ip ) ^! -munities 2f any new draft policy 9 ? >ea is issu$4 --------------------------------------#d ,new ,adm9i/rative ,policy on ,s+le-,purpose ,corpor,ns ,"q #a ,e6ective ,june #bc1 #bjjd1 ! ,,cra revis$ xs adm9i/rative posi;n relat+ 6! assess;t ( taxa# b5efits ": a s+le- purpose corpor,n holds ,u4,s4 r1l e/ate4 ,w ! ,,cra provide any gr&"f+ ( xs old adm9i/rative posi;n8 ,3sid] ! foll[+ situ,ns3 #a7 ,! prop]ty (! s+le-purpose corpor,n 0 "u 3/ruc;n on ,june #bc1 #bjjd2 #af  ,new adm9i/rative policy a#d #b7 ,! prop]ty (! s+le-purpose corpor,n 0 l&1 & 3/ruc;n _h n -m;ed z ( ,june #bc1 #bjjd2 or #c7 ,! prop]ty (! s+le-purpose corpor,n "ugoes a significant r5ov,n4 ,response #a ,! e6ective date =! imple;t,n (! *ange 9 posi;n ann\nc$ 9 ,9come ,tax ,te*nical ,news ,no4 #ca 99#ab has be5 def]r$ 6,janu>y #a1 #bjje 9 ord] 6facilitate ! adm9i/r,n (! new posi;n4 ,a4i;nal transi;nal relief w 2 provid$ =a r5ov,n or a4i;n 6a dwell+ t 0 acquir$ 2f ,janu>y #a1 #bjje1 & 6a dwell+ t 0 "u 3/ruc;n on ,decemb] #ca1 #bjjd4 ,= grt] c]ta9ty1 a dwell+ w 2 3sid]$ 6be "u 3/ruc;n ": ! f.d,n or o!r support has be5 put 9 place 2f ,janu>y #a1 #bjje4 ,transi;nal relief w n 2 provid$ ": vacant l& has be5 acquir$ b ! f.d,n or o!r support has n be5 put 9 place 2f ,janu>y #a1 #bjje4 ,simil>ly1 transi;nal relief w n #ag  ,new adm9i/rative policy b#d 2 provid$ ": l& ) an exi/+ build+ has be5 acquir$ 2f ,janu>y #a1 #bjje b x is ! 9t5;n (! taxpay] 6demoli% ! exi/+ build+ & 3/ruct a new dwell+ on ! l&4 99#ab ,9come ,tax ,te*nical ,news ,no4 #ca1 ,june #bc1 #bjjd1 z updat$ 0,9come ,tax ,te*nical ,news ,no4 #ca;,r1 ,novemb] #bd1 #bjjd4 ,"q #b ,w ! ,,cra take ! %>ehold] loans & exp5ses pd p]son,y 0! %>ehold] 96a3.t 9 det]m9+ ! value1 if any1 (! b5efit8 ,response #b ,! ,,cra's posi;n 3c]n+ ! am.t or value ( any b5efit deriv$ f ! p]sonal use ( corporate prop]ty 0a %>ehold] is describ$ 9 p>agraph #aa ( ,9t]pret,n ,bullet9 ,,it-#dcb;,r#b 99#ac4 ,z not$ "!91 9 circum/.es ": ! fair m>ket value r5t =! prop]ty is n appropriate or _c 2 det]m9$1 ! am.t or value (! b5efit w g5],y 2 det]m9$ #ah  ,new adm9i/rative policy c#d 0multiply+ a normal rate ( return "ts ! grt] (! co/ & fair m>ket value (! prop]ty & !n a4+ any op]at+ co/s pd 0! corpor,n4 ,9 apply+ ? =mula1 any \t/&+ 9t]e/-free loans or adv.es made 6! corpor,n 0! %>ehold] 65a# ! corpor,n 6acquire ! prop]ty w only 2 relevant ": ! circum/.es >e ess5ti,y ! same z 9 ! case ( ,lloyd ,"yman4 99#ad ,foll[+ ? =mula1 any op]at+ exp5ses pd directly 0! %>ehold] wd n 2 9clud$ 9 det]m9+ ! am.t or value (! b5efit4 99#ac ,9t]pret,n ,bullet9 ,,it-#dcb;,r#b1 ,b5efits ,3f]r$ on ,%>ehold]s1 ,febru>y #aj1 #aiie4 99#ad ,lloyd ,"yman v4 ,! ,que51 #ij ,,dtc #fcbb1 7#aiij7 #b ,c4,t4,c4 #aj4 #ai  ,notice ( ,objec;n ( ,l>ge d#d ,corpor,n3 ,impact (! ,pota% ,corpor,n ,case ,"q ,9 lige corpor,ns8 99#ae ,! ,que5 v4 ,pota% ,corpor,n ( ,saskat*ewan ,9c41 #bjjd ,,dtc #fjjb 7,,fca74 ,response ,! #aiid guidel9es1 ?\< g5]al 9 nature1 3t9ue 6be valid4 ,! deci.n 9 ,pota% ,corpor,n supports ! ,,cra's view (! applic,n & 9t5t (! re/ric;ns on l>ge corpor,ns 9 fil+ notices ( objec;n4 ,"u ^! guidel9es1 ea* issue "u objec;n m/ 2 r1sonably #bj  ,notice ( objec;n e#d describ$ ) 5 specific;y =! ,m9i/] 6"k ea* issue 6be decid$4 ,h["e1 ! ,9come ,tax ,act provides =! ex]cise ( 4cre;n 0! ,m9i/] ) respect 6! quantum ( relief s"\4 ,:ile "u no oblig,n 6d s1 ! ,m9i/] w1 :5 ! am.t is "kn1 use ! 4cre;n>y provi.n 6p]mit ! corpor,n 6make a correc;n 6! quantum ( relief1 provid$ t ! corpor,n made a r1sona# ef=t 6e/imate ! am.ts :5 x fil$ ! notice ( objec;n4 ,h["e1 ! ,m9i/] w n a3ept new issues4 ,l>ge corpor,ns h an oblig,n 6be z specific & 9clusive z possi# 9 prep>+ _! notices ( objec;n4 --------------------------------------#e ,jo9t ,9t]n,nal ,tax ,%elt] ,9=m,n ,c5tre ,"q #a ,:at is ,canada's role 9 ! task =ce on ! ,jo9t ,9t]n,nal ,tax ,%elt] ,9=m,n ,c5tre 7,,jitsic78 #ba  ,jo9t 9t]n,nal tax a#e ,response #a ,! jo9t task =ce 0 e/abli%$ 0tax au?orities ( ,canada1 ,au/ralia1 ! ,unit$ ,/ates &! ,unit$ ,k+dom4 ,,jitsic is an 9itiative 69cr1se collabor,n & coord9ate 9=m,n on abusive tax transac;ns or >range;ts am;g ! f\r c.tries z /ipulat$ 9 ! ,memor&um ( ,"u/&+ sign$ ,april #bc1 #bjjd4 ,canada's role is -mon )! o!r ?ree c.tries2 x 9cludes %>+ exp]tise1 be/ practices1 & exp]i;es 9 ! field ( tax adm9i/r,n 6id5tify & bett] "u/& abusive tax transac;ns & em]g+ s*emes1 z well z ^? :o promote !m1 & 6ex*ange 9=m,n ab specific abusive transac;ns & _! promot]s & 9ve/ors )9 ! frame"w (! c.tries' exi/+ bilat]al tax tr1ties4 ,"q #b ,:at types ( transac;ns >e 2+ t>get$ 0! jo9t task =ce8 #bb  ,jo9t 9t]n,nal tax b#e ,response #b ,_m abusive tax transac;ns employ /rategies t cross bord]s1 & _m (! promot]s ( ^! transac;ns op]ate glob,y4 ,,jitsic is focus+ on %>+ 9=m,n 2t ! rev5ue au?orities f ea* c.try 6id5tify abusive products & >range;ts & ^? m>ket+ !m4 ,! 9itial focus 0 on ! ways 9 : f9ancial products >e us$ 9 abusive tax s*emes 0corpor,ns & 9dividuals 6reduce _! tax liabilities1 &! id5tific,n ( promot]s t develop & m>ket ^? products4 ,res]ve = ,prepd ,am.t3 ,impact (! ,ellis ,vi.n ,case ,"q ,9 lie eligi# =a res]ve "u p>agraph #bj7#a77m78 #bc  ,res]ve = prepd am.t c#e 99#af ,ellis ,vi.n ,9corporat$ v4 ,! ,que51 #bjjd ,,dtc #bjbd 7,,tcc74 ,response ,:5 mak+ a det]m9,n z 6:e!r an am.t is eligi# =a res]ve "u p>agraph #bj7#a77m71 ! ,,cra exam9es ! nature (! prepd 9come & :5 x is r1liz$4 ,ev5 if a taxpay] is 5titl$ 6a res]ve "u p>agraph #bj7#a77m7 = an am.t 9clud$ 9 9come "u sec;n #i 7i4e41 ! am.t cd al h be5 9clud$ "u p>agraph #ab7#a77a771 ! am.t (! res]ve m/ 2 r1sona#4 ,p] ,ellis ,vi.n1 ! am.t (! res]ve m/ 2 bas$ on ! taxpay]'s previ\s exp]i;e &! s]vices t ! taxpay] r1sonably expects 6r5d] af ! 5d (! ye>4 ,6! ext5t t ! taxpay]'s oblig,ns >e 3t+5t1 ! am.t (! res]ve %d 2 reduc$4 #bd  ,update on ,,gaar ,reviews d#e ,"q ,h[ _m files h be5 ref]r$ 6! ,,gaar ,-mittee 6date1 & :at is _! /atus8 ,response ,z ( ,july #ca1 #bjjd1 ! ,,gaar ,-mittee review$ #fbj cases3 ,capital ga9s """""""""""""""""""" #ba ,*>ita# don,ns """"""""""""""""""" #af ,cross-bord] l1ses """"""""""""""" #aj ,debt =give;s """""""""""""""""""" #cf ,debt p>k+ """"""""""""""""""""""" #be ,9t]e/ deductibil;y """""""""""""" #bg ,kiwi loans """""""""""""""""""""" #bb ,losses """""""""""""""""""""""""" #ff ,"p ,i4#c tax """""""""""""""""""" #ec ,"p ,,xiii tax """"""""""""""""""" #aa ,surplus /rips """""""""""""""""" #aad ,miscellane\s """"""""""""""""""" #bai ,(! cases t 7 review$ 0! ,,gaar -mittee1 ,,gaar 0 f.d 6be applica# z a prim>y reassess+ posi;n 9 #aga #be  ,update on ,,gaar e#e cases & z a second>y posi;n 9 #bad cases4 ,,gaar 0 f.d n 6be applica# 9 #bce cases4 --------------------------------------#f ,9 a4i;n1 ! ,,gaar ,-mittee review$ & 3sid]$ ,,gaar 6be applica# 9 #hgj cases ( regi/]$ retire;t sav+s plan /ripp+ & #ge cases ( ,b>bados sp\sal tru/s4 ,^! >e li/$ sep>ately 6avoid skew+ ! abv /ati/ics4 #bf