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I-3 - Taxation Act
Section 785.2.1
Disposition versions
785.2.1. For the purposes of sections 1025, 1026, 1026.0.2 to 1026.2, any of the first, second and third paragraphs of section 1038 and any regulations thereunder, where an individual is deemed to have disposed of a property in a taxation year under section 785.2, the individual’s tax payable under this Part for the year is deemed to be the lesser of
(a) the individual’s tax payable under this Part for the year, determined without reference to the specified tax consequences for the year, section 313.11 and Chapter II.1 of Title VI of Book III, but with reference to the amount that the individual could deduct from the individual’s tax otherwise payable for the year under section 776.41.5 if the individual’s eligible spouse for the year were not required to include an amount in computing income for the year under section 313.11; and
(b) the amount that would be determined under paragraph a if section 785.2 did not apply to the individual for the year.
785.2.1. For the purposes of sections 1025, 1026, 1026.0.2 to 1026.2, any of the first, second and third paragraphs of section 1038 and any regulations thereunder, where an individual is deemed to have disposed of a property in a taxation year under section 785.2, the individual’s tax payable under this Part for the year is deemed to be the lesser of
(a) the individual’s tax payable under this Part for the year, determined without reference to the specified tax consequences for the year, section 313.11 and Chapter II.1 of Title VI of Book III; and
(b) the amount that would be determined under paragraph a if section 785.2 did not apply to the individual for the year.
785.2.1. For the purposes of sections 1025, 1026, 1026.0.2 to 1026.2, any of the first, second and third paragraphs of section 1038 and any regulations thereunder, where an individual is deemed to have disposed of a property in a taxation year under section 785.2, the individual’s tax payable under this Part for the year is deemed to be the lesser of
(a) the individual’s tax payable under this Part for the year, determined without reference to the specified tax consequences for the year; and
(b) the amount that would be determined under paragraph a if section 785.2 did not apply to the individual for the year.
