ITNEWS-44-Foreign Exchange Gains and Losses
Question Canco and its wholly-owned subsidiary, Cansub, are taxable Canadian corporations that have a Canadian-dollar tax functional currency. Cansub issues to Canco a note denominated in US dollars that is convertible into common shares of Cansub at the option of the holder. On conversion, Cansub will issue shares to Canco with an FMV equal to […]