I-3 - Taxation Act

Section 175.7 Disposition versions

2006-03-01

175.7. Section 175.9 applies, subject to section 851.22.28, where

(a)  a taxpayer, in this section and section 175.9 referred to as the “transferor”, disposes of a particular property;

(b)  the disposition is not described in any of paragraphs a to e of section 238;

(c)  the transferor is not an insurer;

(d)  the ordinary business of the transferor includes the lending of money and the particular property was used or held in the course of that business;

(e)  the particular property is a share, or a loan, bond, debenture, note, hypothecary claim, mortgage, agreement of sale or any other indebtedness;

(f)  the particular property was, immediately before the disposition, not a capital property of the transferor;

(g)  during the period that begins 30 days before and ends 30 days after the time of disposition, the transferor or a person affiliated with the transferor acquires a property, in this section and section 175.9 referred to as the “substituted property”, that is, or is identical to, the particular property; and

(h)  at the end of the 30 days following the time of disposition, the transferor or a person affiliated with the transferor owns the substituted property.

1990, c. 59, s. 98; 1996, c. 39, s. 53; 1997, c. 3, s. 71; 2000, c. 5, s. 45; 2005, c. 1, s. 68.