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D-13.2 - Succession Duty Act

Section 38
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Full text
38. (Repealed).
1978, c. 37, s. 38; 1986, c. 15, s. 4.
38. For the purposes of section 37, a corporation is private where at least 75 per cent of its gross revenue is derived from the carrying on of an active business and it fulfils the other conditions prescribed by regulation. Where such corporation is a subsidiary wholly-owned corporation, within the meaning of section 1 of the Taxation Act, of another corporation whose property consists almost entirely of shares of the said corporation, that other corporation is then deemed to be a private corporation and the gross revenue of the subsidiary is deemed earned by it.
1978, c. 37, s. 38.
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