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

Section 250.2r1 Disposition versions

2012-09-01

250.2R1. For the purposes of section 250.2 of the Act, a prescribed security, for a taxpayer referred to in section 250.1 of the Act, is

(a)  a share of the capital stock of a corporation, other than a public corporation, whose value at the time of its disposition by the taxpayer is mainly attributable to a property belonging to the corporation, another person or a partnership, and that is

i.  immovable property, an interest or option in respect of that property,

ii.  a Canadian mining property or a property that would be such if it had been acquired after 1971,

iii.  a foreign mining property or a property that would be such if it had been acquired after 1971, or

iv.  a combination of the properties referred to in subparagraphs i to iii;

(b)  a bond, debenture, bill, note, hypothecary claim, mortgage or other similar obligation, issued by a corporation other than a public corporation, where at any time before the disposition of the obligation, the taxpayer was not dealing at arm’s length with the corporation;

(c)  a share or a bond, bill, note, hypothecary claim, mortgage or similar obligation that was acquired by the taxpayer from a person with whom the taxpayer does not deal at arm’s length, other than from a person in respect of whom section 250.1 of the Act may apply for the person’s taxation year that includes the time of the acquisition;

(d)  a security described in paragraph c that was acquired by the taxpayer from a person, other than from a person in respect of whom section 250.1 of the Act may apply for the person’s taxation year that includes the time of the acquisition, in circumstances in which section 518 or 529 of the Act applied;

(e)  a share acquired by the taxpayer in the cases described in section 419 of the Act; or

(f)  a security described in paragraph c that was acquired by the taxpayer as proceeds of disposition for a security of the taxpayer to which any of paragraphs a to c and e applied in respect of the taxpayer, or as a result of one or more transactions that may reasonably be considered to have been an exchange or substitution of a security of the taxpayer to which any of paragraphs a to c and e applied.

s. 250.2R1; O.C. 1981-80, s. 250.2R1; R.R.Q., 1981, c. I-3, r. 1, s. 250.2R1; O.C. 2962-82, s. 30; O.C. 500-83, s. 30; O.C. 1707-97, s. 98; O.C. 1466-98, s. 36; O.C. 1454-99, s. 31; O.C. 1451-2000, s. 1; O.C. 134-2009, s. 1.