I-3 - Taxation Act

Section 716.0.1.1 Disposition versions

2015-10-21

716.0.1.1. For the purpose of determining the amount that is deductible under paragraphs a and d of section 710 in computing the taxable income of a corporation for a taxation year, the eligible amount of a gift described in the second paragraph is to be increased by 1/4 of that amount.

The gift to which the first paragraph refers is

(a)  a gift of a work of art to a Québec museum; or

(b)  any of the following gifts if the fair market value of the property that is the subject of the gift is determined under any of sections 710.1, 710.2, 710.2.1 and 710.2.1.1:

i.  unless it is described in subparagraph a, a gift of a work of public art that meets the following conditions:

(1)  it is made to the State, except an educational institution that is a mandatary of the State, or

(2)  a certificate has been issued by the Minister of Culture and Communications in respect of the work for the purposes of this section,

ii.  a gift of an eligible immovable if a qualification certificate has been issued by the Minister of Culture and Communications in respect of the building for the purposes of this section, or

iii.  a gift of an eligible immovable to any of the following entities that acquires the building with a view to carrying on all or part of its activities in it:

(1)  a registered charity operating in Québec in the field of arts or culture,

(2)  a registered cultural or communications organization, or

(3)  a registered museum.

For the purposes of subparagraphs ii and iii of subparagraph b of the second paragraph, an eligible immovable means a building situated in Québec, including the land subjacent to it and such portion of any contiguous land as can reasonably be regarded as contributing to the use and enjoyment of the building.

2001, c. 51, s. 40; 2009, c. 5, s. 241; 2015, c. 21, s. 236.

2009-05-15

716.0.1.1. For the purpose of determining the amount that is deductible under paragraphs a and d of section 710 in computing the taxable income of a corporation, where the corporation makes a gift of a work of art to a Québec museum, the eligible amount of that gift or, as the case may be, of the fair market value determined in respect of that gift under any of sections 710.1 to 710.3 or 714.2, shall be increased by 1/4 of that amount.

2001, c. 51, s. 40; 2009, c. 5, s. 241.

2006-03-01

716.0.1.1. For the purpose of determining the amount that is deductible under paragraphs a and d of section 710 in computing the taxable income of a corporation, where the corporation makes a gift of a work of art to a Québec museum, the amount of the fair market value of that gift or, as the case may be, of the fair market value determined in respect of that gift under any of sections 710.1 to 710.3 or 714.2, shall be increased by 1/4 of that amount.

2001, c. 51, s. 40.