I-3 - Taxation Act

Section 560.3 Disposition versions

2019-06-19

560.3. (Repealed).

1994, c. 22, s. 206; 1997, c. 3, s. 71; 2003, c. 2, s. 136; 2015, c. 24, s. 88; 2019, c. 14, s. 153.

2015-10-26

560.3. For the purpose of determining after a winding-up the amount that a parent is required to include under section 105 in computing its income in respect of the business carried on by a subsidiary immediately before the winding-up, the parent shall

(a)  add to the amount otherwise determined under subparagraph a of the first and second paragraphs of section 107, the aggregate of all amounts each of which is

i.  the amount determined under subparagraph a of the second paragraph of section 107 immediately before the winding-up,

ii.  the amount determined under this paragraph a as it applied to the subsidiary in respect of a winding-up before that time, or

iii.  the amount determined under subparagraph b of the first paragraph of section 524.0.1 as it applied to the subsidiary in respect of a disposition to the subsidiary before that time; and

(b)  add to the amount determined under subparagraph c of the second paragraph of section 105.2, the aggregate of all amounts each of which is

i.  one-half of the amount determined under subparagraph ii of subparagraph a of the second paragraph of section 107 in respect of the business immediately before the winding-up,

ii.  the amount determined under this paragraph b as it applied to the subsidiary in respect of a winding-up before that time, or

iii.  the amount determined under subparagraph a of the first paragraph of section 524.0.1 as it applied to the subsidiary in respect of a disposition to the subsidiary before that time.

1994, c. 22, s. 206; 1997, c. 3, s. 71; 2003, c. 2, s. 136; 2015, c. 24, s. 88.

2006-03-01

560.3. For the purpose of determining after the winding-up the amount required by paragraph b of section 105 to be included in computing the parent’s income in respect of the business carried on by the subsidiary immediately before the winding-up, the parent shall add to the amount otherwise determined under subparagraph ii of subparagraph a of the second paragraph of section 107, the amount determined under that subparagraph ii in respect of that business immediately before the winding-up.

1994, c. 22, s. 206; 1997, c. 3, s. 71; 2003, c. 2, s. 136.