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Brick To convert to corporation by year's end

The Brick Group Income Fund , which owns one of Canada's largest furniture, appliance and electronics retailers, says it plans to convert into a corporation by the end of the year.

The fund said Monday it will seek the approval of its unitholders during a special meeting scheduled for Dec. 6.

Like many trusts, the Brick Group is making the switch because of new tax rules taking full effect on Jan. 1, 2011, that eliminate tax advantages they previously enjoyed.

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"This proposed reorganization is one more major step in addition to the progress we have made over the last number of quarters that have put The Brick on a solid financial foundation," said president and CEO Bill Gregson in a release.

The Brick Group said that it does not expect to pay any further distributions as an income trust, nor does it expect to pay dividends after it converts.

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