I-3 - Taxation Act

Section 752.0.10.24 Disposition versions

2012-05-09

752.0.10.24. If this section applies because of section 752.0.10.23, the following rules apply:

(a)  irrespective of whether the transfer of the original property by the individual is a gift, the individual is deemed not to have disposed of the original property at the time of that transfer nor to have made a gift;

(b)  if the particular property is identical to the original property, the particular property is deemed to be the original property; and

(c)  if the particular property is not the original property,

i.  the individual is deemed to have disposed of the original property at the time that the particular property is transferred to the individual for proceeds of disposition equal to the greater of the fair market value of the particular property at that time and the fair market value of the original property at the time that it was transferred by the individual to the qualified donee, and

ii.  if, but for paragraph a, the transfer of the original property by the individual would be a gift, the individual is deemed to have, at the time of that transfer, transferred to the qualified donee a property that is the subject of a gift having a fair market value equal to the amount by which the fair market value of the original property at the time of that transfer exceeds the fair market value of the particular property at the time that it is transferred to the individual.

2012, c. 8, s. 121.