I-3 - Taxation Act

Section 235 Disposition versions

2010-04-20

235. A taxpayer may not deduct the reserve established under section 234 for a taxation year if

(a)  at the end of the year or at any time in the following taxation year, the taxpayer is not resident in Canada or is exempt from tax under this Part;

(b)  the purchaser of the property sold is a corporation that, immediately after the sale,

i.  is controlled, directly or indirectly, in any manner whatever, by the taxpayer,

ii.  is controlled, directly or indirectly, in any manner whatever, by a person or group of persons by whom the taxpayer is controlled, directly or indirectly, in any manner whatever, or

iii.  if the taxpayer is a corporation, controls the taxpayer, directly or indirectly, in any manner whatever; or

(c)  the purchaser of the property sold is a partnership in which the taxpayer is, immediately after the sale, a majority-interest partner.

1975, c. 22, s. 37; 1990, c. 59, s. 113; 1997, c. 3, s. 71; 2009, c. 5, s. 79; 2010, c. 5, s. 27.

2009-05-15

235. A taxpayer may not claim the reserve established under section 234 for a taxation year if

(a)  at the end of the year or at any time in the following taxation year, the taxpayer is not resident in Canada or is exempt from tax under this Part;

(b)  the purchaser of the property sold is a corporation that, immediately after the sale,

i.  is controlled, directly or indirectly, in any manner whatever, by the taxpayer,

ii.  is controlled, directly or indirectly, in any manner whatever, by a person or group of persons by whom the taxpayer is controlled, directly or indirectly, in any manner whatever, or

iii.  if the taxpayer is a corporation, controls the taxpayer, directly or indirectly, in any manner whatever; or

(c)  the purchaser of the property sold is a partnership in which the taxpayer is, immediately after the sale, a majority interest partner.

1975, c. 22, s. 37; 1990, c. 59, s. 113; 1997, c. 3, s. 71; 2009, c. 5, s. 79.

2006-03-01

235. A taxpayer shall not claim the reserve contemplated in section 234 for a taxation year if, at the end of the year or at any time in the following taxation year, he is not resident in Canada or is exempt from tax under this Part, or if the purchaser of the property sold is a corporation that, immediately after the sale, was controlled, directly or indirectly in any manner whatever, by the taxpayer or by a person or group of persons by whom the taxpayer was so controlled, or that, if the taxpayer is a corporation, so controlled the latter.

1975, c. 22, s. 37; 1990, c. 59, s. 113; 1997, c. 3, s. 71.