I-3 - Taxation Act

Section 752.0.10.18 Disposition versions

2009-06-04

752.0.10.18. For the purposes of this chapter, the fair market value of a gift of property made at any particular time by an individual is deemed to be equal to the fair market value of the gift of property otherwise determined minus the amount described in the second paragraph, where

(a)  if the property is a non-qualifying security of the individual, the gift is an excepted gift; and

(b)  within 60 months after the particular time,

i.  the donee holds a non-qualifying security of the individual that was acquired by the donee on the latest of 1 August 1997 and any time that is after 60 months before the particular time, or

ii.  both

(1)  the individual or any person or partnership with whom or with which the individual does not deal at arm’s length uses property of the donee under an agreement that was made or modified after the time that is 60 months before the particular time and has begun to so use it after 31 July 1997, and

(2)  the property was not used in the carrying on of the donee’s charitable activities.

The amount to which the first paragraph refers is the aggregate of all amounts each of which is the fair market value of the consideration given by the donee to acquire a non-qualifying security referred to in subparagraph i of subparagraph b of the first paragraph or the fair market value of property referred to in subparagraph ii of that subparagraph b, as the case may be.

Where the first paragraph applies for the purpose of determining the fair market value of a gift made at any particular time by an individual, the fair market value, referred to in the second paragraph, of consideration given to acquire a non-qualifying security referred to in subparagraph i of subparagraph b of the first paragraph or of property referred to in subparagraph ii of that subparagraph b is deemed to be equal to the fair market value of the consideration otherwise determined minus any portion of it that has been used under the first paragraph to reduce the fair market value of another gift made before that time by the individual.

1999, c. 83, s. 96; 2009, c. 15, s. 144.

2006-03-01

752.0.10.18. For the purposes of this chapter, the fair market value of a gift of property made at any particular time by an individual is deemed to be equal to the fair market value of the gift of property otherwise determined minus the amount described in the second paragraph, where

(a)  if the property is a non-qualifying security of the individual, the gift is an excepted gift; and

(b)  within 60 months after the particular time,

i.  the donee holds a non-qualifying security of the individual that was acquired by the donee on the latest of 1 August 1997 and any time that is after 60 months before the particular time, or

ii.  where the individual and the donee do not deal at arm’s length with each other,

(1)  the individual or any person or partnership with whom or with which the individual does not deal at arm’s length uses property of the donee under an agreement that was made or modified after the time that is 60 months before the particular time and has begun to so use it after 31 July 1997, and

(2)  the property was not used in the carrying on of the donee’s charitable activities.

The amount to which the first paragraph refers is the aggregate of all amounts each of which is the fair market value of the consideration given by the donee to acquire a non-qualifying security referred to in subparagraph i of subparagraph b of the first paragraph or the fair market value of property referred to in subparagraph ii of that subparagraph b, as the case may be.

Where the first paragraph applies for the purpose of determining the fair market value of a gift made at any particular time by an individual, the fair market value, referred to in the second paragraph, of consideration given to acquire a non-qualifying security referred to in subparagraph i of subparagraph b of the first paragraph or of property referred to in subparagraph ii of that subparagraph b is deemed to be equal to the fair market value of the consideration otherwise determined minus any portion of it that has been used under the first paragraph to reduce the fair market value of another gift made before that time by the individual.

1999, c. 83, s. 96.