I-3 - Taxation Act

Section 851.22.22.11 Disposition versions

2023-09-26

851.22.22.11. The rules set out in the second paragraph apply to a taxpayer for a particular taxation year of the taxpayer where

(a)  the taxpayer holds a transition property in the particular taxation year;

(b)  the property was a mark-to-market property of the taxpayer for the taxation year preceding the particular taxation year; and

(c)  the property is not a mark-to-market property of the taxpayer for the particular taxation year.

The rules to which the first paragraph refers are as follows:

(a)  the taxpayer is deemed to have ceased to be an insurer at the particular time that is the beginning of the particular taxation year; and

(b)  the taxation year ending immediately before the taxpayer’s particular taxation year is deemed to end at the time that is immediately before the particular time.

2023, c. 19, s. 96.