I-3 - Taxation Act

Section 985.0.0.1 Disposition versions

2006-03-01

985.0.0.1. Section 985 does not apply in respect of a person’s taxable income for a particular taxation year that begins after 31 December 1998 where

(a)  subparagraph a of the first paragraph of section 985 does not apply in respect of the person’s taxable income for the person’s last taxation year that began before 1 January 1999;

(b)  any of subparagraphs c, d and e of the first paragraph of section 985 would, but for this section, have applied in respect of the person’s taxable income for the person’s last taxation year that began after 31 December 1998;

(c)  there has been no change in the direct or indirect control of the person during the period that began at the beginning of the person’s first taxation year that began after 31 December 1998 and ends at the end of the particular year;

(d)  the person elects in writing before 1 January 2002 to have this section apply; and

(e)  the person has not notified the Minister in writing before the beginning of the particular year that the election has been revoked.

2004, c. 8, s. 174.