I-3 - Taxation Act

Section 752.0.10.3.2 Disposition versions

2006-04-19

752.0.10.3.2. For the purpose of applying subparagraph ii of paragraph c of section 422, section 436 and this chapter in respect of a gift made by an individual the subject of which is a qualified property, the fair market value of the gift at the time the gift was made or, for the purposes of section 752.0.10.12, the fair market value otherwise determined of the gift at that time and, subject to section 752.0.10.12, the individual’s proceeds of disposition of the property that is the subject of the gift, are deemed to be equal to the amount determined by the Minister of Sustainable Development, Environment and Parks to be

(a)   where the subject of the gift is land, the fair market value of the gift; or

(b)   where the subject of the gift is a servitude referred to in paragraph b or d of the definition of “qualified property” in the first paragraph of section 752.0.10.1, the greater of its fair market value otherwise determined and the amount by which the fair market value of the land encumbered by the servitude has been reduced as a result of the making of the gift of the servitude.

1999, c. 83, s. 91; 2003, c. 2, s. 213; 2003, c. 9, s. 78; 2006, c. 3, s. 35.

2006-03-01

752.0.10.3.2. For the purpose of applying subparagraph ii of paragraph c of section 422, section 436 and this chapter in respect of a gift made by an individual the subject of which is a qualified property, the fair market value of the gift at the time the gift was made or, for the purposes of section 752.0.10.12, the fair market value otherwise determined of the gift at that time and, subject to section 752.0.10.12, the individual’s proceeds of disposition of the property that is the subject of the gift, are deemed to be equal to the amount determined by the Minister of the Environment to be

(a)   where the subject of the gift is land, the fair market value of the gift; or

(b)   where the subject of the gift is a servitude referred to in paragraph b or d of the definition of "qualified property" in the first paragraph of section 752.0.10.1, the greater of its fair market value otherwise determined and the amount by which the fair market value of the land encumbered by the servitude has been reduced as a result of the making of the gift of the servitude.

1999, c. 83, s. 91; 2003, c. 2, s. 213; 2003, c. 9, s. 78.