I-3 - Taxation Act

Section 776.20 Disposition versions

2006-03-01

776.20. Where the amount determined under paragraph b of section 776.18 or 776.19, as the case may be, exceeds the amount determined under paragraph a of the said section 776.18 or 776.19, as the case may be, the excess

(a)  where the qualifying security or share, as the case may be, contemplated in section 776.18 or 776.19 respectively is a capital property to the person contemplated in the said section 776.18 or 776.19, as the case may be, is deemed to be a capital gain of the person for the year in which the qualifying security or share, as the case may be, is acquired, from the disposition of that property; and,

(b)  where paragraph a does not apply, shall be included in computing the income of the person for the year of the acquisition.

The cost to that person of the qualifying security or share, as the case may be, is in that case deemed to be nil.

1985, c. 25, s. 134.