I-3 - Taxation Act

Section 585 Disposition versions

2006-03-01

585. In computing, at any time in a taxation year, the adjusted cost base of a share of the capital stock of a foreign affiliate of a corporation resident in Canada, such corporation shall deduct, in respect of any dividend received by it before that time on such share, an amount equal to the amount by which such portion of the dividend as is deductible under paragraph d of section 746 in computing its taxable income for the year exceeds such portion of income or profits tax that it has paid to the government of a country other than Canada as may reasonably be ascribed to such portion of the dividend that it has so received.

1972, c. 23, s. 449; 1975, c. 22, s. 159; 1997, c. 3, s. 71.