I-3 - Taxation Act

Section 1135.9 Disposition versions

2009-05-15

1135.9. If, at any time, control of a corporation is acquired by a person or group of persons, no amount may be deducted by the corporation, under section 1135.2, in computing its tax otherwise payable under this Part for a taxation year ending after that time.

However, the corporation may deduct, under section 1135.2, from its tax otherwise payable under this Part for a particular taxation year ending after that time, the balance of the amount the corporation has not deducted, under section 1135.1, for a taxation year ending before that time, otherwise than because of the application of section 1135.8 or 1135.8.1, that may reasonably be considered to be attributable to costs to acquire a property described in any of sections 1135.3 to 1135.3.1 that were incurred in the course of carrying on a business, if the corporation carried on the business throughout the particular year for profit or with a reasonable expectation of profit.

The amount that the corporation may deduct in respect of the balance referred to in the second paragraph is to be determined as if the reference to the tax otherwise payable under this Part were a reference to the portion of the tax otherwise payable under this Part by the corporation for the particular year that may reasonably be attributed to the carrying on of that business and, if the corporation sold, leased, rented or developed properties or rendered services in the course of carrying on that business before that time, of any other business substantially all the income of which is derived from the sale, leasing, rental or development, as the case may be, of similar properties, or the rendering of similar services.

2005, c. 38, s. 314; 2006, c. 36, s. 262; 2009, c. 5, s. 555.

2006-12-06

1135.9. If, at any time, control of a corporation is acquired by a person or group of persons, no amount may be deducted by the corporation, under section 1135.2, in computing its tax otherwise payable under this Part for a taxation year ending after that time.

However, the corporation may deduct, under section 1135.2, from its tax otherwise payable under this Part for a particular taxation year ending after that time, the balance of the amount the corporation has not deducted, under section 1135.1, for a taxation year ending before that time, otherwise than because of the application of section 1135.8 or 1135.8.1, that may reasonably be considered to be attributable to costs to acquire a property described in section 1135.3 or 1135.3.1 that were incurred in the course of carrying on a business, if the corporation carried on the business throughout the particular year for profit or with a reasonable expectation of profit.

The amount that the corporation may deduct in respect of the balance referred to in the second paragraph is to be determined as if the reference to the tax otherwise payable under this Part were a reference to the portion of the tax otherwise payable under this Part by the corporation for the particular year that may reasonably be attributed to the carrying on of that business and, if the corporation sold, leased, rented or developed properties or rendered services in the course of carrying on that business before that time, of any other business substantially all the income of which is derived from the sale, leasing, rental or development, as the case may be, of similar properties, or the rendering of similar services.

2005, c. 38, s. 314; 2006, c. 36, s. 262.

2006-03-01

1135.9. If, at any time, control of a corporation is acquired by a person or group of persons, no amount may be deducted by the corporation, under section 1135.2, in computing its tax otherwise payable under this Part for a taxation year ending after that time.

However, the corporation may deduct, under section 1135.2, from its tax otherwise payable under this Part for a particular taxation year ending after that time, the balance of the amount the corporation has not deducted, under section 1135.1, for a taxation year ending before that time, otherwise than because of the application of section 1135.8, that may reasonably be considered to be attributable to costs to acquire a property described in section 1135.3 that were incurred in the course of carrying on a business, if the corporation carried on the business throughout the particular year for profit or with a reasonable expectation of profit.

The amount that the corporation may deduct in respect of the balance referred to in the second paragraph is to be determined as if the reference to the tax otherwise payable under this Part were a reference to the portion of the tax otherwise payable under this Part by the corporation for the particular year that may reasonably be attributed to the carrying on of that business and, if the corporation sold, leased, rented or developed properties or rendered services in the course of carrying on that business before that time, of any other business substantially all the income of which is derived from the sale, leasing, rental or development, as the case may be, of similar properties, or the rendering of similar services.

2005, c. 38, s. 314.