1 Taxation of Corporate Finance and Financial Structures June 21-22, 2011 Steve Suarez The assistance of Marie-Eve Gosselin in the preparation of these.

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Presentation transcript:

1 Taxation of Corporate Finance and Financial Structures June 21-22, 2011 Steve Suarez The assistance of Marie-Eve Gosselin in the preparation of these materials is acknowledged with appreciation

Overview 2

I. Characterization of F/X Gains and Losses 3

A. Assets 4

B. Liabilities 5

B. Liabilities (Cont’d) 6

C. Derivatives and Hedging Transactions 7

C. Derivatives and Hedging Transactions (Cont’d) 8

Saskferco Products v. The Queen 1 9 Saskferco US $ Revenue US Plant Bank US $ loan F/X Loss Hedge US $ F/X gain Canada US Capital F/X Loss on Loan F/X Income on Revenues Cdn $ depreciates; taxpayer offsets F/X loss on debt repayment vs F/S revenue gain, by translating US $ revenue at Cdn $ F/X rate at date of borrowing DTC 1183; aff'd, 2008 DTC 6698

C. Derivatives and Hedging Transactions (Cont’d) 10

Overview 11

II. Recognition (Timing) of F/X Gains and Losses 12

A. Gains and Losses on Income Account 13

A. Gains and Losses on Income Account (Cont’d) 14

A. Gains and Losses on Income Account (Cont’d) 15

B. Gains and Losses on Capital Account 16

B. Gains and Losses on Capital Account (Cont’d) 17

B. Gains and Losses on Capital Account (Cont’d) 18

B. Gains and Losses on Capital Account (Cont’d) 19

B. Gains and Losses on Capital Account (Cont’d) 20

Overview 21

III. Calculation of F/X Gains and Losses 22

III. Calculation of F/X Gains and Losses (Cont’d) 23

III. Calculation of F/X Gains and Losses (Cont’d) 24

III. Calculation of F/X Gains and Losses (Cont’d) 25

III. Calculation of F/X Gains and Losses (Cont’d) 26

III. Calculation of F/X Gains and Losses (Cont’d) 27

III. Calculation of F/X Gains and Losses (Cont’d) 28

III. Calculation of F/X Gains and Losses (Cont’d) 29

III. Calculation of F/X Gains and Losses (Cont’d) 30

III. Calculation of F/X Gains and Losses (Cont’d) 31

Overview 32

IV. Functional Currency Rules 33

IV. Functional Currency Rules (Cont’d) 34

IV. Functional Currency Rules (Cont’d) 35

IV. Functional Currency Rules (Cont’d) 36

IV. Functional Currency Rules (Cont’d) 37

Overview 38

V. Special Circumstances 39

V. Special Circumstances 40

V. Special Circumstances 41

VI. Special Circumstances 42

VI. Special Circumstances 43

VI. Special Circumstances 44

VI. Special Circumstances 45

Questions? 46

Bibliography 47

Bibliography (Cont’d) 48

Bibliography (Cont’d) 49