I-3 - Taxation Act

Section 979.20 Disposition versions

2006-03-01

979.20. Notwithstanding any other provision of this Part,

(a)  no amount that has accrued, is added or is credited to an eligible funeral arrangement shall be included in computing the income of any person solely because of such accrual, adding or crediting;

(b)  subject to the second paragraph and section 979.21, no amount shall be

i.  included in computing a person’s income solely because of the provision by another person of funeral or cemetery services under an eligible funeral arrangement, or

ii.  included in computing a person’s income because of the disposition of an interest under an eligible funeral arrangement or an interest in a trust governed by an eligible funeral arrangement.

Subparagraph ii of subparagraph b of the first paragraph shall not affect the consequences under this Part of the disposition of any right under an eligible funeral arrangement to payment for the provision of funeral or cemetery services.

1996, c. 39, s. 248; 2000, c. 5, s. 227.