I-3 - Taxation Act

Section 771.15 Disposition versions

2010-04-20

771.15. A corporation is not a corporation dedicated to the commercialization of intellectual property for a taxation year if

(a)  the corporation would be exempt from tax for the year under section 985 but for section 192;

(b)  the corporation’s taxable income is greater than zero for the year and the corporation did not deduct the maximum amount in respect of any reserve, allowance or other amount in computing its income or taxable income for the year;

(c)  the corporation’s taxable income is greater than zero for a preceding taxation year and the corporation did not deduct the maximum amount in respect of any reserve, allowance or other amount in computing its income or taxable income for that preceding year; or

(d)  the corporation, at any time in the period extending from the day of its incorporation to the end of the year, was a beneficiary of a trust, other than a mutual fund trust, or carried on

i.  a personal services business, or

ii.  an eligible business as a member of a partnership or as a co-participant in a joint venture with another person or partnership, unless each other co-participant in the joint venture or each other member of the partnership, as the case may be, was an eligible institute.

2010, c. 5, s. 73.