I-3 - Taxation Act

Section 851.22.21 Disposition versions

2006-03-01

851.22.21. Where in a particular taxation year that ends after 30 October 1994, a taxpayer disposed of a specified debt obligation that is a mark-to-market property of the taxpayer for the following taxation year, and either the disposition occurred because of section 851.22.15 and the particular year includes 31 October 1994, or the disposition occurred because of paragraph b of section 851.22.23,

(a)  section 157.6 does not apply to the disposition; and

(b)  where the conditions set out in subparagraphs i and ii are met, there shall be included in computing the taxpayer’s income for the particular year the amount by which the aggregate of all amounts each of which is an amount referred to in subparagraph i exceeds the aggregate of all amounts included under paragraph i of section 87 in respect of the obligation in computing the taxpayer’s income for the particular year or a preceding taxation year:

i.  an amount has been deducted under section 141 in respect of the obligation in computing the taxpayer’s income for the particular year or a preceding taxation year, and

ii.  section 92.22 does not apply to the disposition.

1996, c. 39, s. 235.