I-3 - Taxation Act

Section 1029.8.36.72.82.1.2 Disposition versions

2010-10-27

1029.8.36.72.82.1.2. For the purposes of subparagraph a of the first paragraph of section 1029.8.36.72.82.1.1 and subject to sections 1029.8.36.72.82.1.3 and 1029.8.36.72.82.1.4, a corporation’s base amount for a taxation year is equal to

(a)  if the corporation is not a member of an associated group in the year, $50,000; and

(b)  if the corporation is a member of an associated group in the year, an amount attributed for the year to the corporation pursuant to the agreement described in the second paragraph and filed with the Minister in the prescribed form or, if no amount is attributed to the corporation under the agreement or in the absence of such an agreement, zero.

The agreement to which subparagraph b of the first paragraph refers is the agreement under which all the corporations that are members of the associated group in the year attribute for the year to one or more of their number, for the purposes of this section, one or more amounts the total of which does not exceed $50,000.

If the aggregate of the amounts attributed, in respect of a taxation year, pursuant to an agreement described in the second paragraph and entered into with the corporations that are members of an associated group in the year exceeds $50,000, the amount determined under subparagraph b of the first paragraph in respect of each of those corporations for the taxation year is deemed, for the purposes of this section, to be equal to the proportion of $50,000 that that amount is of the aggregate of the amounts attributed for the year under the agreement.

For the purposes of this section and sections 1029.8.36.72.82.1.3 and 1029.8.36.72.82.1.4, an associated group in a taxation year means all the corporations that, in the year, are associated with each other and are qualified corporations for the purposes of Title VII.2.4 of Book IV or corporations that carry on a recognized business.

2010, c. 25, s. 141.