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I-3 - Taxation Act

Section 752.0.10.10.3
Disposition versions

Full text
752.0.10.10.3. (Repealed).
2003, c. 2, s. 219; 2005, c. 38, s. 143; 2009, c. 15, s. 139; 2012, c. 8, s. 115; 2017, c. 29, s. 143.
752.0.10.10.3. Where this section applies to an individual, in respect of an insurance policy, by reason of section 752.0.10.10.2,
(a)  for the purposes of this chapter, except section 752.0.10.10.2, and of sections 985.1 to 985.22, 985.23.1 to 985.23.7, 985.23.9, 985.23.10, 985.24, 985.25 and 999.2, the transfer referred to in section 752.0.10.10.2 is deemed to be a gift made immediately before the individual’s death by the individual to the qualified donee referred to in section 752.0.10.10.2; and
(b)  the fair market value of the gift is deemed to be the fair market value, at the time of the individual’s death, of the right to that transfer, determined without reference to any risk of default with regard to obligations of the insurer.
2003, c. 2, s. 219; 2005, c. 38, s. 143; 2009, c. 15, s. 139; 2012, c. 8, s. 115.
752.0.10.10.3. Where this section applies to an individual, in respect of an insurance policy, by reason of section 752.0.10.10.2,
(a)  for the purposes of this chapter, except section 752.0.10.10.2, and of sections 985.1 to 985.22, 985.24 and 985.25, the transfer described in section 752.0.10.10.2 is deemed to be a gift made immediately before the individual’s death by the individual to the qualified donee referred to in section 752.0.10.10.2; and
(b)  the fair market value of the gift is deemed to be the fair market value, at the time of the individual’s death, of the right to that transfer, determined without reference to any risk of default with regard to obligations of the insurer.
2003, c. 2, s. 219; 2005, c. 38, s. 143; 2009, c. 15, s. 139.
752.0.10.10.3. Where this section applies to an individual, in respect of an insurance policy, by reason of section 752.0.10.10.2,
(a)  for the purposes of this chapter, other than sections 752.0.10.10.2, 985.1 to 985.22, 985.24 and 985.25, the transfer described in that section is deemed to be a gift made immediately before the individual’s death by the individual to the qualified donee referred to in section 752.0.10.10.2; and
(b)  the fair market value of the gift is deemed to be the fair market value, at the time of the individual’s death, of the right to that transfer, determined without reference to any risk of default with regard to obligations of the insurer.
2003, c. 2, s. 219; 2005, c. 38, s. 143.
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