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I-3 - Taxation Act

Section 562
Disposition versions

Full text
562. The subsidiary may, in computing its income for the taxation year during which its property was distributed to, and its obligations were assumed by, the parent on its winding-up, claim any reserve that would have been allowed to it for the year under this Part if its property had not been transferred to, or its obligations had not been assumed by, the parent on the winding-up.
Notwithstanding any other provision of this Part, the subsidiary is not bound to include any amount whatever in respect of any reserve so claimed in computing its income for the following taxation year.
1975, c. 22, s. 142; 1990, c. 59, s. 202; 1997, c. 3, s. 71; 1997, c. 14, s. 87.
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