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I-3 - Taxation Act

Section 485.32
Disposition versions

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485.32. Where the consideration given by a corporation to another person for the settlement at any time of a particular distress preferred share that was issued by the corporation and owned immediately before that time by the other person includes another distress preferred share issued by the corporation to the other person, sections 485 to 485.18 apply with reference to the following rules:
(a)  the amount paid at that time in satisfaction of the principal amount of the particular share because of the issue of the other share is deemed to be equal to the amount by which the paid-up capital in respect of the class of shares that includes the other share increases because of the issue of the other share; and
(b)  for the purposes of subparagraph i of paragraph b of section 485.29, the amount for which the other share was issued is deemed to be equal to the amount deemed by paragraph a to have been paid at that time.
1996, c. 39, s. 142; 1997, c. 3, s. 71.
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