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I-3 - Taxation Act

Section 256
Disposition versions

Full text
256. For the purposes of paragraph e of section 255, the disposition before 7 May 1974 of property in consideration of which the taxpayer did not receive shares of the capital stock of the corporation and in respect of which the election mentioned therein was made, is deemed to be a contribution of capital equal to the amount by which the amount agreed upon in the election exceeds the fair market value, at the time of the disposition, of the consideration received by the taxpayer.
1975, c. 22, s. 43; 1997, c. 3, s. 71.
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