I-3, r. 1 - Regulation respecting the Taxation Act

Section 712r3 Disposition versions

2017-04-12

712R3. For the purposes of section 712 of the Act, where a corporation makes a gift of a work of art to a particular person, other than such a person who acquires the work of art in connection with its primary mission or is a donee referred to in subparagraph c of the second paragraph of section 716.0.1.2 of the Act if that paragraph applies to the work of art the donee acquired, the receipt issued by the particular person in respect of that gift must contain the statement referred to in section 712R2 and the information required by paragraphs a to g and i of that section and the following information:

(a)  the date of the disposition of the work of art by the particular person;

(b)  the amount that may reasonably be considered as the consideration for that disposition;

(c)  the fair market value of that work of art at the time of that disposition.

s. 712R2.1; O.C. 1633-96, s. 11; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1; O.C. 321-2017, s. 29.

2012-09-01

712R3. For the purposes of section 712 of the Act, where a corporation makes a gift of a work of art to a particular person, other than such a person who acquires the work of art in connection with its primary mission, the receipt issued by the particular person in respect of that gift must contain the statement referred to in section 712R2 and the information required by paragraphs a to g and i of that section and the following information:

(a)  the date of the disposition of the work of art by the particular person;

(b)  the amount that may reasonably be considered as the consideration for that disposition;

(c)  the fair market value of that work of art at the time of that disposition.

s. 712R2.1; O.C. 1633-96, s. 11; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.