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I-3 - Taxation Act

Section 979.5
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Full text
979.5. (Repealed).
1985, c. 25, s. 143; 2007, c. 12, s. 98.
979.5. A clearing member in charge of the administration of the reserve account for contingent losses of a market-maker may, upon the request and for the benefit of the latter, transfer the funds accumulated in that account to another similar account administered by another clearing member with whom the market-maker has entered into an agreement as provided in section 979.2.
Where such a transfer is made, the market-maker shall not include, in computing his income for a taxation year, by reason only of the transfer, the amount of transferred funds and shall not deduct in his computation any amount in respect of the funds transferred.
1985, c. 25, s. 143.
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