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I-3 - Taxation Act

Section 851.22.12
Disposition versions

Full text
851.22.12. For the purposes of section 851.22.11 and this section,
(a)  the current amount of a taxpayer’s gain or loss from the disposition of a specified debt obligation is
i.  where the taxpayer has a gain from the disposition of the obligation, the part of the gain that is reasonably attributable to a material increase in the probability, or perceived probability, that the debtor will make all payments as required by the obligation, and
ii.  where the taxpayer has a loss from the disposition of the obligation, the negative amount that the taxpayer claims not exceeding in magnitude the part of the loss that is reasonably attributable to a default by the debtor or a material decrease in the probability, or perceived probability, that the debtor will make all payments as required by the obligation; and
(b)  the residual portion of a taxpayer’s gain or loss from the disposition of a specified debt obligation is the amount by which the gain or loss exceeds the current amount of the gain or loss.
1996, c. 39, s. 235; 2001, c. 7, s. 127.
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