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I-3 - Taxation Act
Section 485.34
Disposition versions
485.34. Where at any time a distress preferred share becomes a share that is not a distress preferred share, sections 485 to 485.18 apply with reference to the following rules:
(a) the share is deemed to have been settled immediately before that time; and
(b) a payment equal to the fair market value of the share at that time is deemed to have been made immediately before that time in satisfaction of the principal amount of the share.
