I-3 - Taxation Act

Section 1034.0.0.1 Disposition versions

2006-03-01

1034.0.0.1. Where a particular person or partnership is deemed under section 427.4 to have disposed of a property at any time, the person referred to in subparagraph i or ii of paragraph a of that section is solidarily liable with each other taxpayer to pay a part of the other taxpayer’s liabilities under this Part for each taxation year equal to the amount determined by the formula

A − B.

In the formula provided for in the first paragraph,

(a)  A is the total of amounts payable under this Part by the other taxpayer for the year; and

(b)  B is the amount that would, if the particular person or partnership were not deemed under section 427.4 to have disposed of the property, be determined under subparagraph a in respect of the other taxpayer for the year.

However, nothing under this section is deemed to limit the liability of the other taxpayer under any other provision of this Act.

2000, c. 5, s. 272.