I-3 - Taxation Act

Section 462.14 Disposition versions

2009-05-15

462.14. The amount to which section 462.13 refers is equal to the aggregate of the following amounts:

(a)  any interest received in the year by the individual in respect of the transfer or loan other than amounts deemed to have been received as interest under section 462.12;

(b)  the aggregate of all amounts included in computing the individual’s income for the year under sections 497 and 577 in relation to the taxable dividends received by the individual in the year, other than dividends deemed under Chapter III of Title IX to have been received on shares that were received from the corporation as consideration for the transfer or as repayment for the loan that were excluded consideration at the time the dividends were received, or on shares substituted therefor that were excluded consideration at that time;

(c)  where the designated person is a specified individual in relation to the year, the amount required to be included in computing the designated person’s income for the year in respect of all taxable dividends received by the designated person that can reasonably be considered to be part of the benefit sought to be conferred on the designated person under section 462.12 and are included in computing the designated person’s split income for any taxation year.

1987, c. 67, s. 112; 1990, c. 59, s. 176; 1997, c. 3, s. 71; 2001, c. 53, s. 70; 2009, c. 5, s. 157.

2006-03-01

462.14. The amount contemplated in section 462.13 is equal to the aggregate of the following amounts:

(a)  any interest received in the year by the individual in respect of the transfer or loan other than amounts deemed to be interest under section 462.12;

(b)  5/4 of all taxable dividends received, other than dividends deemed under Chapter III of Title IX to have been received, by the taxpayer in the year on shares that were received from the corporation as consideration for the transfer or as repayment for the loan that were excluded consideration at the time the dividends were received, or on shares substituted therefor that were excluded consideration at that time;

(c)  where the designated person is a specified individual in relation to the year, the amount required to be included in computing the designated person’s income for the year in respect of all taxable dividends received by the designated person that can reasonably be considered to be part of the benefit sought to be conferred on the designated person under section 462.12 and are included in computing the designated person’s split income for any taxation year.

1987, c. 67, s. 112; 1990, c. 59, s. 176; 1997, c. 3, s. 71; 2001, c. 53, s. 70.