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I-3 - Taxation Act
Section 485.7
Disposition versions
485.7. (Repealed).
1996, c. 39, s. 142; 2005, c. 1, s. 114; 2019, c. 142019, c. 14, s. 1361.
485.7. Where a commercial obligation issued by a debtor is settled at any time, 3/4 of the remaining unapplied portion of the forgiven amount at that time in respect of the obligation shall be applied, to the extent designated in a prescribed form filed with the debtor’s fiscal return under this Part for the taxation year that includes that time, to reduce immediately after that time the eligible incorporeal capital amount of the debtor in respect of each business of the debtor or, where the debtor is at that time not resident in Canada, in respect of each business carried on in Canada by the debtor.
