I-3 - Taxation Act

Section 1029.8.36.72.82.1.4 Disposition versions

2010-10-27

1029.8.36.72.82.1.4. Despite sections 1029.8.36.72.82.1.2 and 1029.8.36.72.82.1.3, the following rules apply:

(a)  if a corporation that is a member of an associated group (in this paragraph referred to as the “first corporation”) has more than one taxation year ending in the same calendar year and is associated in two or more of those taxation years with another corporation that is a member of the group that has a taxation year ending in that calendar year, the base amount of the first corporation for each particular taxation year that ends in the calendar year in which it is associated with the other corporation and that ends after the first taxation year ending in that calendar year is, subject to paragraph b, an amount equal to the lesser of

i.  its base amount for the first taxation year ending in the calendar year, determined in accordance with subparagraph b of the first paragraph of section 1029.8.36.72.82.1.2 or section 1029.8.36.72.82.1.3, and

ii.  its base amount for the particular taxation year ending in the calendar year, determined in accordance with subparagraph b of the first paragraph of section 1029.8.36.72.82.1.2 or section 1029.8.36.72.82.1.3; and

(b)  if a corporation has a taxation year of fewer than 51 weeks, its base amount for the year is that proportion of its base amount for the year, determined without reference to this paragraph, that the number of days in the year is of 365.

2010, c. 25, s. 141.