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I-3 - Taxation Act
Section 1049.14.10
Disposition versions
1049.14.10. Despite sections 1049.14.4 to 1049.14.6, if the amount of a particular penalty under any of those sections is greater than the excess amount determined under the second paragraph, the amount of the particular penalty is to be reduced to that excess amount.
The excess amount to which the first paragraph refers in respect of a particular penalty relating to a transaction referred to in any of the sections referred to in that paragraph is the amount by which the amount determined under the third paragraph exceeds the amount determined under the fourth paragraph.
The amount determined under this paragraph is equal to 25% of the aggregate of the adjusted cost of
(a) the shares of the capital stock of the corporation that were issued, in the year of the transaction but before the time of the transaction or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan II, and distributed in Québec to an individual or to a qualified mutual fund;
(b) the shares of the capital stock of the corporation issued in replacement of shares that are not described in subparagraph a, that were issued, in the year of the transaction but before the time of the transaction or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan II, and distributed in Québec to an individual or to a qualified mutual fund; and
(c) the shares of the capital stock of the corporation issued in replacement of shares, other than shares described in subparagraph b, issued in substitution for shares, other than shares described in subparagraph a, that were issued, in the year of the transaction but before the time of the transaction or in the two years preceding that year, with the stipulation that they could be included in a stock savings plan II, and distributed in Québec to an individual or to a qualified mutual fund.
The amount determined under this paragraph is equal to the aggregate of the penalties incurred by the corporation under sections 1049.14.4 to 1049.14.6 before the imposition of the particular penalty in respect of the shares of its capital stock that are described in the third paragraph.
1049.14.10. Despite sections 1049.14.4 to 1049.14.6, if the amount of a particular penalty under any of those sections is greater than the excess amount determined under the second paragraph, the amount of the particular penalty is to be reduced to that excess amount.
The excess amount to which the first paragraph refers in respect of a particular penalty relating to a transaction referred to in any of the sections referred to in that paragraph is the amount by which the amount determined under the third paragraph exceeds the amount determined under the fourth paragraph.
The amount determined under this paragraph is equal to 25% of the aggregate of the adjusted cost of
(a) the shares of the capital stock of the corporation that were issued, in the year of the transaction but before the time of the transaction or in the three years preceding that year, with the stipulation that they could be included in an SME growth stock plan, and distributed in Québec to an individual or to a qualified mutual fund;
(b) the shares of the capital stock of the corporation issued in replacement of shares that are not described in subparagraph a, that were issued, in the year of the transaction but before the time of the transaction or in the three years preceding that year, with the stipulation that they could be included in an SME growth stock plan, and distributed in Québec to an individual or to a qualified mutual fund; and
(c) the shares of the capital stock of the corporation issued in replacement of shares, other than shares described in subparagraph b, issued in substitution for shares, other than shares described in subparagraph a, that were issued, in the year of the transaction but before the time of the transaction or in the three years preceding that year, with the stipulation that they could be included in an SME growth stock plan, and distributed in Québec to an individual or to a qualified mutual fund.
The amount determined under this paragraph is equal to the aggregate of the penalties incurred by the corporation under sections 1049.14.4 to 1049.14.6 before the imposition of the particular penalty in respect of the shares of its capital stock that are described in the third paragraph.
