I-3 - Taxation Act

Section 851.22.31 Disposition versions

2006-03-01

851.22.31. Where a taxpayer has made an election under section 851.22.29 in which a property was designated under subparagraph d of the third paragraph of that section, the election is deemed not to have been made where

(a)  the aggregate of the amounts determined under paragraphs a and b of section 851.22.30 in respect of the taxpayer exceeds the amount that would be the taxpayer’s taxable capital gains from dispositions of property for the taxpayer’s last taxation year that ended before 23 February 1994, if this section and section 851.22.30 did not apply; or

(b)  the aggregate of all amounts each of which would, if this section did not apply, be the taxpayer’s allowable capital loss for the taxpayer’s last taxation year that ended before 23 February 1994 from the deemed disposition of the property under subparagraph b of the first paragraph of section 851.22.29 exceeds the total of all amounts each of which is the taxpayer’s taxable capital gain for the year from the deemed disposition of the property under subparagraph a of the first paragraph of section 851.22.29.

2001, c. 7, s. 131; 2004, c. 8, s. 169.