VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 23, 2012) - Coopers Park Corporation (TSX VENTURE:XCP) ("Coopers Park" or the "Company") announced today that it has received a letter from Canada Revenue Agency ("CRA") proposing to reassess the taxable income of the Company for its 2008 and 2009 taxation years.
As announced by the Company on November 18, 2012, the CRA has reassessed the taxable income of the Company for its 2007 taxation year. The reassessments relate to the reorganization (the "Reorganization") of the Company''s wholly owned subsidiary, Coopers Park Real Estate Development Corporation. The Reorganization was completed in January, 2005.
The result of the reassessments would result in a total of approximately $29,074,000 of income taxes and interest payable as at September 30, 2012 for the three taxation years of the Company ended in 2007, 2008 and 2009 or $0.36 per share, and would reduce net assets at September 30, 2012 from $1.61 to $1.25 per share. If those taxes are payable, interest would continue to accrue from September 30, 2012.
Coopers Park has engaged legal counsel. The Company remains confident in the appropriateness of its tax filing position and the expected tax consequences of the Reorganization. Coopers Park intends to appeal the reassessments. However, there can be no assurance that the appeal will be successful.
Coopers Park invests in multi-family residential condominium developments and in the information technology sector.