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I-3 - Taxation Act

Section 714.2
Disposition versions

Full text
714.2. If, at any given time, a corporation makes a gift of a work of art referred to in section 714.1 to a donee referred to in that section, the lesser of the amount that may reasonably be considered as the consideration for the disposition by the donee of the work of art and its fair market value at the time of the disposition, is deemed, for the purposes of section 710, to be the fair market value for the purpose of computing the eligible amount of the gift at the given time and, for the purposes of section 716, to be the fair market value of the capital property at the given time.
1995, c. 63, s. 50; 1997, c. 3, s. 71; 2009, c. 5, s. 239.
714.2. Where at any time a corporation makes a gift of a work of art referred to in section 714.1 to a donee referred to in that section, the lesser of the amount that may reasonably be considered as the consideration for the disposition by the donee of the work of art and its fair market value at the time of the disposition, is deemed, for the purposes of section 710, to be the fair market value of the gift at that time and, for the purposes of section 716, to be the fair market value of the capital property at that time.
1995, c. 63, s. 50; 1997, c. 3, s. 71.
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