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Rainbow Ranche Collection

Letter from James Goldie to J.E. McAllister and R.S. Dormer, January 19, 1932  Goldie, James Jan 19, 1932

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  1\_ RAINBOW RANCHE, LIMITED
Okanagan Centre, B.C.
COPY.
Letter from Inspector of Income Tax*
Vancouver,  B.C2 Dec.11,1931.
Messrs. Helliwell,Maclachlan &Co.
525 Seymour Street
Vancouver,  B.C.
Dear Sirs :      Re Rainbow Ranche Limited.
With reference to youfc letter of the 9th inst. re Shareholders
Advances, I would advise that Section No.19 of the Act, as amended,
states :
m  On the winding up, the distribution in any form of the property
*of the Company shall be deemed to be the payment of a dividend to the
^extent that the Company has on hand undistributed income earned in the
"1930 period and subsequent periods. n
Accordingly, on the winding up of the above named Company the
Surplus, as by the books, would appear to be exempt up to and including
1929.
With regard to the Shareholders Advances, I understand that the
major portion, if not the whole of these, were advances prior to 1925
and, as such, this Office would be prepared to recommend to the
Commissioner that same be considered in the light of an ordinary
Account Receivable, and not taxable on the winding up.
Yours faithfully,
NORMAN LEE.
Inspector of Income Tax.
per ?fA.C* Cox.
Letter from Helliwell, Maciachlan & Co
Vancouver January 4th.1932.
Messrs. Rainbow Ranche Limited
Okanagan Centre,   B.C.
Dear Sirs :        Re, ^organisation.
f* enclose herewith copy of a letter received from the
Inspector of Income Tax.
The only question remaining is whether the dividend declared
during the fiscal period ended February 28.1931 may be deducted from the sij
surplus earned subsequent to the 1929 taxation period.
V/e have been verbally informed that this will not be permissible under
the ruling now in force, so that on reorganization taxes would be collected
from the individual shareholders on the basis of a dividehd of about
#10,000.00. It appears to us, however, that the reorganization
of the Company may safely be executed without further taxation than
the foregoing.
Yours truly,
Helliwell, Maclachlan & Co* o
0 0 P Y %
The Inspector of Income Tax
739 Hastings St. W.
Vancouver ,  B.C.
Decf  1st  1931
Rainbow Ranch Ltd.
Okanagan Centre,   B.C.:-
Dear Sirs :-       re 1930 Income Tax Returns.
During the year ending 23th of February 1930
advances were made to Shareholders, as follows :
Mr. R.S, Dormer, $4,000.00
Mr. U.S.McAllister, 7,630.00
Mr. J.R. Goldie, 4,000.00
Will you please supply the following information
in this connection ?
(a) Date of payment of advances.
(b) If the whole, or any portion of the amounts were
repaid subsequently,  please give the dates.
(c) State the present postal addresses of Mr* Dormer
and Mr. McAllister.
An early reply will be appreciated.
Yours faithfully^
Norman Lee,
Inspector of Income Tax.
per A.W* Higgs.

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