D-17 - Land Transfer Duties Act

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26. The person who is the owner of land situated in Québec immediately after the deemed transfer contemplated in paragraphs a, b, and c of section 24 is deemed to be the transferee of such land.
The same applies to the corporation which is the owner of land situated in Québec comprised in the land of another corporation pursuant to paragraph b of section 25 providing, however, that at least 50% of the property of the corporation, at any time after 11 May 1976 and within the two years preceding the date of the deemed transfer, consists of land.
The transferee contemplated in this section is deemed to have furnished a consideration equal to the market value of the land at the time of the deemed transfer.
1976, c. 23, s. 26.