The Allco notes are "traditional securities", so sections 26BB and 70B of the Income Tax Act apply.
My understanding of those is that gains on sale or redemption are assessable income (NOT capital gains) and losses are allowable as deductions.
26BB(2)
Where a taxpayer disposes of a traditional security or a traditional security of a taxpayer is redeemed, the amount of any gain on the disposal or redemption shall be included in the assessable income of the taxpayer of the year of income in which the disposal or redemption takes place.
70B(2)
Where a taxpayer disposes of a traditional security or a traditional security of a taxpayer is redeemed, the amount of any loss on the disposal or redemption is allowable as a deduction from the assessable income of the taxpayer of the year of income in which the disposal or redemption takes place.
My feeling is that holders won't find out till next financial year - 2009/20010 - whether they have a loss or a gain to declare.
afgha - phone call to administrator, page-41
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