{"id":1210,"date":"2014-07-28T15:17:14","date_gmt":"2014-07-28T15:17:14","guid":{"rendered":"https:\/\/thor.ca\/\/blog\/?p=1210"},"modified":"2014-07-28T15:17:14","modified_gmt":"2014-07-28T15:17:14","slug":"cra-comments-on-us-lllps","status":"publish","type":"post","link":"https:\/\/www.thor.ca\/blog\/2014\/07\/cra-comments-on-us-lllps\/","title":{"rendered":"CRA comments on US LLLPs"},"content":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2014\/07\/2014-0523041C6.pdf\">2014-0523041C6<\/a>, the CRA was asked whether a US Limited Liability Limited Partnership (LLLP) should be treated a foreign partnership, a foreign corporation, or some other type of arrangement (for Canadian tax purposes).\u00a0 The CRA applies a two-step process to characterize foreign business arrangements.\u00a0 First, the characteristics of the foreign business association are examined under foreign commercial law, as well as any other relevant documents such as a partnership agreement or other contracts.\u00a0 Second, these characteristics are compared with those of recognized types of business associations under Canadian commercial law, in order to classify the foreign business association under one of those categories.\u00a0 The CRA said it had not previously considered the tax character of a US LLLP, but would do so in the context of an advance income tax ruling.\u00a0 (In fact, the CRA has previously ruled that an LLLP was a partnership in a tower financing structure: see 2010-0386201R3, Ruling K.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2014\/07\/2014-0523041C6.pdf\">2014-0523041C6<\/a>, the CRA was asked whether a US Limited Liability Limited Partnership (LLLP) should be treated a foreign partnership, a foreign corporation, or some other type of arrangement (for Canadian tax purposes).\u00a0 The CRA applies a two-step process&hellip;<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1210","post","type-post","status-publish","format-standard","hentry","category-corporate-tax"],"_links":{"self":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/1210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/comments?post=1210"}],"version-history":[{"count":0,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/1210\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/media?parent=1210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/categories?post=1210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/tags?post=1210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}