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I-3 - Taxation Act
Section 692.3
Disposition versions
692.3. Where a trust ceases at a particular time to be an environmental trust,
(a) (paragraph repealed);
(b) (paragraph repealed);
(b.1) for the purposes of sections 736, 736.0.2, 736.0.3.1 and 999.1, the trust is deemed to cease at that time to be exempt from tax under this Part on its taxable income;
(c) each beneficiary under the trust immediately before the particular time is deemed to receive at that time from the trust, as a beneficiary under an environmental trust, an amount equal to the portion of the fair market value of the properties of the trust at the particular time that can reasonably be considered to be the beneficiary’s interest in the trust; and
(d) each beneficiary under the trust is deemed to acquire at the particular time an interest in the trust at a cost equal to the amount deemed by paragraph c to be received by the beneficiary from the trust.
692.3. Where a trust ceases at a particular time to be an environmental trust,
(a) the taxation year of the trust that otherwise would include the particular time is deemed to end immediately before that time and a new taxation year of the trust is deemed to begin at the particular time;
(b) the trust is deemed to dispose immediately before the time immediately preceding the particular time of each property it holds immediately before the particular time and to receive proceeds of disposition equal to its fair market value at the particular time, and to reacquire at the particular time each such property at a cost equal to that fair market value;
(c) each beneficiary under the trust immediately before the particular time is deemed to receive at that time from the trust, as a beneficiary under an environmental trust, an amount equal to the portion of the fair market value of the properties of the trust at the particular time that can reasonably be considered to be the beneficiary’s interest in the trust; and
(d) each beneficiary under the trust is deemed to acquire at the particular time an interest in the trust at a cost equal to the amount deemed by paragraph c to be received by the beneficiary from the trust.
