I-3 - Taxation Act

Section 21.4.32 Disposition versions

2010-04-20

21.4.32. If, in respect of an amalgamation within the meaning of section 544, a predecessor corporation has a tax reporting currency for its last taxation year that is different from that of the new corporation for its first taxation year, paragraphs a and b of section 21.4.31 apply, for the purpose of computing the predecessor corporation’s Québec tax results for its last taxation year, as if the tax reporting currencies referred to in those paragraphs were the tax reporting currencies referred to in this section and as if

(a)  “subsidiary” and “subsidiary’s” were replaced wherever they appear in the following provisions by “predecessor corporation” and “predecessor corporation’s”, respectively:

i.  the portion of that paragraph a before subparagraph iii,

ii.  that paragraph b;

(b)  “the subsidiary’s taxation year that includes the particular time” in subparagraph iii of that paragraph a was replaced by “the predecessor corporation’s last taxation year”;

(c)  “parent’s” was replaced in the following provisions by “new corporation’s”:

i.  subparagraph ii of that paragraph a,

ii.  the portion of that paragraph b before subparagraph i, and

iii.  subparagraph iv of that paragraph  b; and

(d)  “its taxation year that includes the particular time and each of its subsequent taxation years” was replaced in the following provisions by “its last taxation year”:

i.  subparagraph i of that paragraph a, and

ii.  subparagraph iii of that paragraph b.

2010, c. 5, s. 11.