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I-3 - Taxation Act

Section 301.3
Disposition versions

Full text
301.3. Where a taxpayer acquires a bond, debenture or note of a debtor, in this section referred to as the “new obligation”, in exchange for a capital property of the taxpayer that is another bond, debenture or note of the same debtor that conferred on the holder the right to make the exchange and the principal amount of the new obligation is equal to the principal amount of the exchanged capital property, the cost to the taxpayer of the new obligation and the proceeds of disposition of the exchanged capital property are deemed to be equal to the adjusted cost base to the taxpayer of the exchanged capital property immediately before the exchange.
1996, c. 39, s. 94.
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