I-3 - Taxation Act

Section 92.28 Disposition versions

2010-10-27

92.28. The rules to which section 92.27 refers and that apply to the transfer of property at any time are as follows:

(a)  the transferee is, at and after that time, deemed to be the same corporation as and a continuation of the transferor in respect of

i.  any amount included under section 92.24 or deducted under section 175.2.17 in computing the transferor’s income for its transition year that can reasonably be attributed to the transferred business,

ii.  any amount included under section 92.25 or deducted under section 175.2.18 in computing the transferor’s income for a taxation year of the transferor that begins before that time that can reasonably be attributed to the transferred business,

iii.  any amount that would—in the absence of this section and if the transferor existed and carried on an insurance business on each day that includes that time or is a subsequent day and on which the transferee carries on an insurance business—be required to be included under section 92.25 or deducted under section 175.2.18, in respect of any of those days, in computing the transferor’s income that can reasonably be attributed to the transferred business; and

(b)  for the purpose of determining, in respect of the day that includes that time or any subsequent day, any amount that is required to be included under section 92.25 or deducted under section 175.2.18 in computing the transferor’s income for each particular taxation year from the transferred business, the amount referred to in subparagraph a of the second paragraph of those sections is deemed to be nil.

2010, c. 25, s. 12.