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I-4 - Act respecting the application of the Taxation Act

Section 42
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42. (Repealed).
1972, c. 24, s. 52; 1986, c. 19, s. 207.
42. Notwithstanding section 15 of the Act respecting the application of the Taxation Act (1972, chapter 24), sections 169 to 175 of the Taxation Act apply to taxation years beginning after 1971.
However, paragraphs a and b of section 170 of the said act are replaced by the following for the first taxation year of the corporation beginning after 1971 and the following year:
(a)  the amount computed under the rules prescribed for the purposes of this section; to
(b)  the highest amount reached in that year by the outstanding debts of the corporation to persons not resident in Canada.
1972, c. 24, s. 52.
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