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I-3 - Taxation Act

Section 281
Disposition versions

Full text
281. Where a taxpayer who acquired property for a purpose other than that of gaining or producing income, commences at a later time to use it for that purpose, or vice versa, he is deemed to have disposed of such property at such later time for proceeds equal to its fair market value at that time and to have immediately thereafter acquired it at a cost equal to its fair market value.
1972, c. 23, s. 259; 1990, c. 59, s. 129.
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