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I-3 - Taxation Act

Section 851.22.23.3
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851.22.23.3. For the application of section 851.22.23.1 to a taxpayer in relation to a property in a taxation year, the definition of “mark-to-market property” in the first paragraph of section 851.22.1 shall
(a)  be applied as if the taxation year ended immediately before the particular time referred to in section 851.22.23.1; and
(b)  if the taxpayer does not have financial statements for the period ending immediately before the particular time referred to in section 851.22.23.1, the reference in subparagraphs i and ii of paragraph b to “the taxpayer’s financial statements for the year” shall be read as a reference to “the taxpayer’s financial statements that it is reasonable to expect would have been prepared if the year had ended immediately before the particular time referred to in section 851.22.23.1”.
2004, c. 8, s. 166.
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