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I-3 - Taxation Act

Section 589.1
Disposition versions

Full text
589.1. Except for the purposes of paragraph a of section 255, if, in relation to a share, section 261 applies to a corporation that has made, in respect of the share, the election referred to in the first paragraph of section 589, or to a foreign affiliate of the corporation, the amount that is deemed by section 261 to be the gain of the corporation or foreign affiliate, as the case may be, from the disposition of the share is deemed to be equal to the amount by which the amount established without reference to this section exceeds the amount that is deemed, under the first paragraph of section 589, to be a dividend and not to be proceeds of disposition of the share, in relation to the disposition.
1993, c. 16, s. 233; 1997, c. 3, s. 71; 2010, c. 25, s. 46.
589.1. Except for the purposes of paragraph a of section 255, where section 261 applies to a corporation that has made the election provided for in the first paragraph of section 589 or to a foreign affiliate of the corporation, the amount that is deemed by section 261 to be the gain of the corporation or foreign affiliate of the corporation, as the case may be, from the disposition of the share is deemed to be equal to the amount by which the amount established without reference to this section exceeds the amount designated in the election.
1993, c. 16, s. 233; 1997, c. 3, s. 71.
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