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I-3 - Taxation Act
Section 92.5.1
Disposition versions
92.5.1. Where a taxpayer disposes of a right in a debt obligation that is a debt obligation in respect of which the proportion of the payments of principal to which the taxpayer is entitled is not equal to the proportion of the payment of interest to which the taxpayer is entitled, such portion of the proceeds of disposition received by the taxpayer as may reasonably be considered to represent a recovery of the cost to the taxpayer of the right in the debt obligation must not, despite any other provision of this Part, be included in computing the taxpayer’s income.
A debt obligation referred to in the first paragraph includes, for greater certainty, all of the issuer’s obligations to pay principal and interest under that debt obligation.
92.5.1. Where a taxpayer disposes of an interest in a debt obligation that is a debt obligation in respect of which the proportion of the payments of principal to which the taxpayer is entitled is not equal to the proportion of the payment of interest to which the taxpayer is entitled, such portion of the proceeds of disposition received by the taxpayer as may reasonably be considered to represent a recovery of the cost to him of the interest in the debt obligation shall, notwithstanding any other provision of this Part, not be included in computing his income.
A debt obligation referred to in the first paragraph includes, for greater certainty, all of the issuer’s obligations to pay principal and interest under that debt obligation.
