I-3 - Taxation Act

Section 91.2 Disposition versions

2023-09-26

91.2. For the purposes of this Act, where, in the absence of this section and section 271, a taxpayer would have a gain from the disposition, after 31 December 2022, of a flipped property, the following rules apply throughout the period that the taxpayer owned the flipped property:

(a)  the taxpayer is deemed to carry on a business that is an adventure or concern in the nature of trade with respect to the flipped property;

(b)  the flipped property is deemed to be a property described in the inventory of the taxpayer’s business; and

(c)  the flipped property is deemed not to be a capital property of the taxpayer.

2023, c. 19, s. 16.