I-3 - Taxation Act

Section 710.2.1.1 Disposition versions

2015-10-21

710.2.1.1. Despite section 710.2.1, for the purposes of paragraph a of section 422, subparagraph ii of paragraph c of that section and sections 710 to 716.0.11, where the Minister of Culture and Communications determines an amount to be the fair market value of a property that is the subject of a gift made by a taxpayer on or before the day that is two years after the time that amount is determined and referred to in paragraph a of section 710, the following rules apply:

(a)  the amount so determined is deemed to be the fair market value of the property at the time of the gift or, for the purposes of section 716, its fair market value otherwise determined at that time; and

(b)  subject to section 716, the amount so determined is deemed to be the taxpayer’s proceeds of disposition of the property.

2015, c. 21, s. 231.