I-3 - Taxation Act

Section 485.14 Disposition versions

2006-03-01

485.14. For the purposes of section 485.13, the residual balance at any time in a taxation year in respect of the settlement of a particular commercial obligation issued by a debtor is the amount by which the gross tax attributes of directed persons at that time in respect of the debtor exceeds the aggregate of

(a)  the amount determined under subparagraph a of the second paragraph of section 485.13 in respect of the settlement of the particular obligation at that time;

(b)  all amounts each of which is

i.  the amount by which the amount determined under subparagraph a of the second paragraph of section 485.13 in respect of a settlement before that time and in the year of a commercial obligation issued by the debtor exceeds the amount determined under subparagraph c of the second paragraph of that section in respect of the settlement,

ii.  the amount determined under subparagraph a of the second paragraph of section 485.13 in respect of a settlement of a commercial obligation that is deemed under paragraph a of section 485.42 to have been issued by a directed person in respect of the debtor because of the filing of an agreement in accordance with sections 485.42 to 485.52 in respect of a settlement before that time and in the year of a commercial obligation issued by the debtor, or

iii.  the amount specified in an agreement, other than an agreement with a directed person in respect of the debtor, filed in accordance with sections 485.42 to 485.52 in respect of the settlement before that time and in the year of a commercial obligation issued by the debtor; and

(c)  the aggregate of all amounts each of which is an amount in respect of a settlement at a particular time before that time and in the year of a commercial obligation issued by the debtor equal to the least of

i.  the aggregate of all amounts designated under section 485.11 in respect of the settlement,

ii.  the residual balance of the debtor at the particular time, and

iii.  the amount by which the aggregate of all amounts determined under subparagraphs a and b of the second paragraph of section 485.13 in respect of the settlement exceeds the amount determined under subparagraph c of the second paragraph of that section in respect of the settlement.

1996, c. 39, s. 142; 1997, c. 3, s. 71; 2000, c. 5, s. 107.