I-3 - Taxation Act

Section 737.18.23 Disposition versions

2022-06-08

737.18.23. (Repealed).

2002, c. 40, s. 60; 2022, c. 23, s. 53.

2006-03-01

737.18.23. Where, for a taxation year, a corporation would, but for this section, be a qualified corporation and the paid-up capital of the corporation for the year, determined in accordance with the second paragraph, is equal to or greater than $30,000,000, the corporation is deemed not to be a qualified corporation.

For the purposes of the first paragraph, the paid-up capital of a corporation for a taxation year is equal to

(a)  where the corporation is not a member of an associated group in the year, its paid-up capital, determined in accordance with section 737.18.25 for the year; and

(b)  where the corporation is a member of an associated group in the year, the aggregate of all amounts each of which is its paid-up capital, determined in accordance with section 737.18.25 for the year and the paid-up capital of each other member of the group, determined in accordance with that section 737.18.25, for its taxation year that ended in the year.

2002, c. 40, s. 60.