Can someone help me to understand. When the sale of a CCPC happens. How we treat for accounting and for tax purposes.
Your headline and your narrative contradict each other. The proposed contracts and will indicate what is actually happening, and identify the parties to those contracts.
Also, there is normally a great number of areas of risk in these circumstances, involving a number of complex areas.
IMHO, this indicates that the Directors and the shareholders of the corporation should ensure that all of these areas of risk are fully covered in their discussions with the corporation’s lawyer and the corporation’s CPA.
You have stated that a CCPC is sold but you also say Assets Only sold. This is what is contradictory.
Among the items Joe is concerned about are things like the agreed upon selling price of the assets, the book value of the assets, CCA recovered, Capital Gains and/or Losses.