I-3 - Taxation Act

Section 485.14.1 Disposition versions

2019-06-19

485.14.1. For the purposes of section 485.14, the gross tax attributes of directed persons at a particular time in respect of a debtor means the aggregate of all amounts each of which is an amount that would be applied under any of sections 485.4 to 485.10 and 485.12 in respect of a settlement of a separate commercial obligation, in this section referred to as a “notional obligation”, issued by directed persons at that time in respect of the debtor if the following assumptions were made:

(a)  a notional obligation was issued immediately before the particular time by each of those directed persons and was settled at the particular time;

(b)  the forgiven amount at the particular time in respect of each of those notional obligations was equal to the total of all amounts each of which is a forgiven amount at or before that time and in the year in respect of a commercial obligation issued by the debtor;

(c)  amounts were designated under sections 485.6 and 485.8 to 485.10 by each of those directed persons to the maximum extent permitted in respect of the settlement of each of those notional obligations; and

(d)  no amounts were designated under section 485.11 by any of those directed persons in respect of the settlement of any of the notional obligations.

2000, c. 5, s. 108; 2019, c. 14, s. 142.

2006-03-01

485.14.1. For the purposes of section 485.14, the gross tax attributes of directed persons at a particular time in respect of a debtor means the aggregate of all amounts each of which is an amount that would be applied under any of sections 485.4 to 485.10 and 485.12 in respect of a settlement of a separate commercial obligation, in this section referred to as a “notional obligation”, issued by directed persons at that time in respect of the debtor if the following assumptions were made:

(a)  a notional obligation was issued immediately before the particular time by each of those directed persons and was settled at the particular time;

(b)  the forgiven amount at the particular time in respect of each of those notional obligations was equal to the total of all amounts each of which is a forgiven amount at or before that time and in the year in respect of a commercial obligation issued by the debtor;

(c)  amounts were designated under sections 485.6 to 485.10 by each of those directed persons to the maximum extent permitted in respect of the settlement of each of those notional obligations; and

(d)  no amounts were designated under section 485.11 by any of those directed persons in respect of the settlement of any of the notional obligations.

2000, c. 5, s. 108.