I-3 - Taxation Act

Section 157.1 Disposition versions

2015-10-21

157.1. (Repealed).

1982, c. 5, s. 46; 1998, c. 16, s. 94; 2015, c. 21, s. 127.

2006-03-01

157.1. The deduction allowed under paragraph j of section 157, as it read before being struck out, to a taxpayer for a fiscal period referred to therein shall be reduced by an amount equal to 3% of that proportion of the lesser of the cost amount to the taxpayer of the taxpayer’s qualifying inventory that was disposed of during the fiscal period by the taxpayer in a specified transaction to a person with whom the taxpayer was not dealing at arm’s length and the cost amount to the taxpayer of the taxpayer’s qualifying inventory at the beginning of the fiscal period, that the number of days in the fiscal period and after the date of disposition is of 365.

1982, c. 5, s. 46; 1998, c. 16, s. 94.