I-3 - Taxation Act

Section 1120.0.2 Disposition versions

2006-03-01

1120.0.2. A trust is deemed to be a mutual fund trust throughout a calendar year where

(a)  at any time in the year, the trust would, but for this section, have ceased to be a mutual fund trust

i.  because the condition described in paragraph a of section 649 ceased to be satisfied,

ii.  because of the application of paragraph c of section 1120, or

iii.  because the trust ceased to exist;

(b)  the trust was a mutual fund trust at the beginning of the year; and

(c)  the trust would, throughout the portion of the year throughout which it was in existence, have been a mutual fund trust if

i.  in the case where the condition described in paragraph a of section 649 was satisfied at any time in the year, that condition was satisfied throughout the year,

ii.  section 1120 were read without reference to paragraph c thereof, and

iii.  this Book were read without reference to this section.

2003, c. 2, s. 295.