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I-3 - Taxation Act

Section 240
Disposition versions

Full text
240. A loss from the disposition of a debt or of any other right to receive an amount shall not be allowed unless the taxpayer has acquired such debt or right to produce or gain income from a business or property other than exempt income or as consideration for the disposition of capital property to a person with whom he was dealing at arm’s length.
1972, c. 23, s. 226.
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