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I-3 - Taxation Act
Section 421.7
Disposition versions
421.7. Where a person owns or leases a motor vehicle jointly with one or more other persons, the reference in paragraphs d.3 and d.4 of section 99 to the amount of $20,000, in section 421.5 to the amount of $250 and in section 421.6 to the amounts of $600, $20,000 and $23,529 is to be read as a reference to that proportion of each of those amounts or such other amounts as may be prescribed for the purposes of those provisions that the fair market value of the first-mentioned person’s right in the vehicle is of the fair market value of the rights in the vehicle of all those persons.
421.7. Where a person owns or leases a motor vehicle jointly with one or more other persons, the reference in paragraphs d.3 and d.4 of section 99 to the amount of $20,000, in section 421.5 to the amount of $250 and in section 421.6 to the amounts of $600, $20,000 and $23,529 shall read as a reference to that proportion of each of those amounts or such other amounts as may be prescribed for the purposes thereof that the fair market value of his interest in the vehicle is of the fair market value of the interests in the vehicle of all such persons.
