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Rainbow Ranche Collection

Letter from Helliwell, Maclachlan & Co. to "Sirs" [at Rainbow Ranche], January 4, 1932 Helliwell, Maclachlan, & Co. Jan 4, 1932

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Full Text

Full Text

 0 O
Letter ^rom  Inspector of Income Tax.
Vancouver,  t*8f Tec.11,1931.
'Messrs. Hal 11 well/* 'aclaehlan &Jo.
5£5 3eymour street
Vancouver,  3..:*
Dear Sirs   i re  Kslnbow fanche  Limlte-1.
fflth reference  to youfc letter of the  9th inst.  re Shareholders
Advances,   1   would adviae  that taction Ko.19 af the Act,  as amended,
** On  the winiin-" up,   the distribution in any fans of the  property
"of the Company shall  be cleemad  to be  the payment of a dividend  to  the
1 extent   that  the Company has on hand undistributed  income earned in the
?*1930 period an'1 subsequent periods,  *
/>ccorrJinf*;ly, on the winding tip o^ the above named Company the
Surplus, as by the books, woul^. appear to be exempt up to and including
;/ith regard  to  the  Shareholders Advances,   l  understand   that  the
major portion,   if not  the  whole of  these,   were .advances   prior  to  19£0
and,  as such,   this 8f**iee would  be f^repmred to  recommend  to  the
Oommlfl si oner that same fee considered in the light ef en ordinary
Account  Receivable,  an^ not  taxable on  the winding s$.
Yours faithfully,
inspector of  Income  Tax*
rer    l:A Y .   "ox.
Letter from Helliwell,  I'aciaohlan ft Co
Vancouver    January 4th.1932.
NaSHsra* Raiahaa Ranche Limited
Okanagan Centra,        1*0*
dear Sirs   i Re P-aorgttfllyi^fflfr.
Ha enclose herewith copy of a letter received    from the
Inspector of. Income  ?nx«
Pha only question remaining  is  whether the dlvllend declared
^urin~  the fiapal  period en*ed February SS.1931 nay be delucte-i fro© the Sf
surrlus earned  subsequent  to  the 1929 taxation period,
9a have  been verbally informal  that  this  will  not bn permissible under
the ruling now in force,  bo that on reorganisation taxes would be collected
fro^ the  individual  shareholders, on  the ba^ls of a  dividetid  of shout
&10,QO0.OQ. It appears  to us, Itewaver,   that  the reorganization
of  the  Company nay safely be  execute 5  without  furth:r taxation  than
the  foregoing.
Yours   truly,
Fell!well p Nuclachlan i  fo.


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