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I-3 - Taxation Act

Section 726.13
Disposition versions

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726.13. Despite sections 726.7 and 726.7.1, no amount may be deducted under this Title in computing an individual’s taxable income for a taxation year in respect of a capital gain of the individual for the year, if the capital gain is from the disposition of a property, which disposition is part of a series of transactions or events
(a)  that includes a dividend received by a corporation to which dividend section 308.1 does not apply but would apply if this Act were read without reference to section 308.3; or
(b)  in which any property is acquired by a corporation or partnership for consideration that is significantly less than the fair market value of the property at the time of acquisition, other than an acquisition as the result of an amalgamation or merger of corporations or the winding-up of a corporation or partnership or a distribution of property of a trust in satisfaction of all or part of a corporation’s capital interest in the trust.
1987, c. 67, s. 142; 1990, c. 59, s. 266; 1996, c. 39, s. 189; 1997, c. 3, s. 71; 2007, c. 12, s. 80; 2009, c. 15, s. 120; 2017, c. 29, s. 107.
726.13. Despite sections 726.7 to 726.7.3, no amount may be deducted under this Title in computing an individual’s taxable income for a taxation year in respect of a capital gain of the individual for the year, if the capital gain is from the disposition of a property, which disposition is part of a series of transactions or events
(a)  that includes a dividend received by a corporation to which dividend section 308.1 does not apply but would apply if this Act were read without reference to section 308.3; or
(b)  in which any property is acquired by a corporation or partnership for consideration that is significantly less than the fair market value of the property at the time of acquisition, other than an acquisition as the result of an amalgamation or merger of corporations or the winding-up of a corporation or partnership or a distribution of property of a trust in satisfaction of all or part of a corporation’s capital interest in the trust.
1987, c. 67, s. 142; 1990, c. 59, s. 266; 1996, c. 39, s. 189; 1997, c. 3, s. 71; 2007, c. 12, s. 80; 2009, c. 15, s. 120.
726.13. Despite sections 726.7 to 726.7.2, no amount may be deducted under this Title in computing an individual’s taxable income for a taxation year in respect of a capital gain of the individual for the year, if the capital gain is from the disposition of a property, which disposition is part of a series of transactions or events
(a)  to which section 308.1 would, but for section 308.3, apply; or
(b)  in which any property is acquired by a corporation or partnership for consideration that is significantly less than the fair market value of the property at the time of acquisition, other than an acquisition as the result of an amalgamation or merger of corporations or the winding-up of a corporation or partnership or a distribution of property of a trust in satisfaction of all or part of a corporation’s capital interest in the trust.
1987, c. 67, s. 142; 1990, c. 59, s. 266; 1996, c. 39, s. 189; 1997, c. 3, s. 71; 2007, c. 12, s. 80.
726.13. Notwithstanding sections 726.7 and 726.7.1, where an individual has a capital gain for a taxation year from the disposition of property, no amount in respect of that capital gain shall be deducted under this Title in computing the individual’s taxable income for the year if the disposition of property is part of a series of transactions or events
(a)  to which section 308.1 would, but for section 308.3, apply; or
(b)  in which any property is acquired by a corporation or partnership for consideration that is significantly less than the fair market value of the property at the time of acquisition, other than an acquisition as the result of an amalgamation or merger of corporations or the winding-up of a corporation or partnership or a distribution of property of a trust in satisfaction of all or part of a corporation’s capital interest in the trust.
1987, c. 67, s. 142; 1990, c. 59, s. 266; 1996, c. 39, s. 189; 1997, c. 3, s. 71.
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