I-3 - Taxation Act

Section 485.51 Disposition versions

2006-03-01

485.51. Where a debtor and an eligible transferee file an agreement between them under this subdivision in respect of a commercial obligation issued by the debtor that was settled at a particular time,

(a)  where the debtor is an individual or a corporation, the Minister may at any subsequent time assess the debtor in respect of taxes, interest and penalties for which the debtor is liable because of section 485.49; and

(b)  where the debtor is a partnership, the Minister may at any subsequent time assess any person who has been a member of the partnership in respect of taxes, interest and penalties for which the partnership is liable because of section 485.49, to the extent that those amounts relate to taxation years of the transferee or, where the transferee is also a partnership, members of that partnership, that end at or after

i.  where the person was not a member of the partnership at the particular time, the first subsequent time the person becomes a member of the partnership, and

ii.  in any other case, the particular time.

The provisions of Book IX apply, with the necessary modifications, to the assessment made under the first paragraph as if the assessment had been made under Title II of that Book.

1996, c. 39, s. 142; 1997, c. 3, s. 71; 1997, c. 85, s. 80.