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I-3 - Taxation Act

Section 304
Disposition versions

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304. Where after 1971, a shareholder receives property from a corporation as a dividend payable in kind other than a stock dividend in respect of a share owned by him of the capital stock of the corporation, he is deemed to acquire such property at a cost equal to its fair market value at that time; in such case, the corporation is deemed at the same time to have disposed of the property for proceeds equal to its fair market value.
1972, c. 23, s. 280; 1997, c. 3, s. 71.
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