I-3 - Taxation Act

Section 979.40 Disposition versions

2015-10-21

979.40. A qualified shipowner’s allowable capital loss from the disposition of particular qualified property not within its tax-free reserve immediately before the disposition time is deemed to be nil if, in the period that includes the 90 days following that time, the particular qualified property or property identical to it is allocated to the qualified shipowner’s tax-free reserve as a result of an eligible addition to the reserve.

For the purposes of the first paragraph, the right to acquire qualified property is deemed to be property identical to the qualified property, other than a right, as security only, derived from a hypothec, mortgage, agreement of sale or similar obligation.

2015, c. 21, s. 353.