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I-3 - Taxation Act
Section 851.22.0.3
Disposition versions
851.22.0.3. Where a transferor transfers a property to a transferee on a qualifying transfer, each property of the transferor held immediately before the transfer time is deemed to have been disposed of by the transferor immediately before the transfer time for proceeds of disposition equal to the lesser of the following amounts and acquired by the transferee at the transfer time at a cost equal to that amount:
(a) the fair market value of the property immediately before the transfer time; and
(b) the greater of
i. the cost amount of the property to the transferor immediately before the transfer time, and
ii. the amount that is designated in respect of the property in the election referred to in subparagraph b of the first paragraph of section 851.22.0.1 in respect of the qualifying transfer.
