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I-3 - Taxation Act
Section 1029.8.36.10
Disposition versions
1029.8.36.10. Where the assets of a corporation referred to in section 1029.8.36.5 or 1029.8.36.7 or of a partnership referred to in section 1029.8.36.6 or 1029.8.36.7.1 that are shown in the financial statements submitted to the shareholders of the corporation or members of the partnership, as the case may be, or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, for its preceding taxation year or its preceding fiscal period, as the case may be, or, where the corporation or partnership is in its first fiscal period, at the beginning of its first fiscal period, were less than $75,000,000, the rate of “12%” mentioned in any of those sections 1029.8.36.5 to 1029.8.36.7.1 is to be replaced by the rate determined by the formula
24% - {[(A - $50,000,000)/$25,000,000] × 12%}.
In the formula in the first paragraph, A is the greater of $50,000,000 and
(a) when determining the rate for the purposes of section 1029.8.36.5 or 1029.8.36.7, the amount of the assets of the corporation determined as provided in this subdivision; or
(b) when determining the rate for the purposes of section 1029.8.36.6 or 1029.8.36.7.1, the amount of assets of the partnership determined as provided in this subdivision.
Where the corporation referred to in the first paragraph is a cooperative, the first paragraph shall be read as if the reference therein to “submitted to the shareholders” were a reference to “submitted to the members”.
1029.8.36.10. Where the corporation referred to in any of sections 1029.8.36.5 to 1029.8.36.7.1 is a corporation whose assets shown in its financial statements submitted to the shareholders or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of its first fiscal period, were less than $75,000,000, the rate of “12%” mentioned in any of those sections 1029.8.36.5 to 1029.8.36.7.1 shall be replaced by the rate determined by the formula
24% - {[(A - $50,000,000)/$25,000,000] × 12%}.
In the formula provided for in the first paragraph, A is the greater of $50,000,000 and the assets of the corporation determined as provided in this subdivision.
Where the corporation referred to in the first paragraph is a cooperative, the first paragraph shall be read as if the reference therein to “submitted to the shareholders” were a reference to “submitted to the members”.
1029.8.36.10. Where the corporation referred to in any of sections 1029.8.36.5 to 1029.8.36.7.1 is a corporation whose assets shown in its financial statements submitted to the shareholders or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of its first fiscal period, were less than $75,000,000, the rate of “15%” mentioned in any of those sections 1029.8.36.5 to 1029.8.36.7.1 shall be replaced by the rate determined by the formula
30% − {[(A − $50,000,000) × 15%] / $25,000,000}.
In the formula provided for in the first paragraph, A is the greater of $50,000,000 and the assets of the corporation determined as provided in this subdivision.
Where the corporation referred to in the first paragraph is a cooperative, the first paragraph shall be read as if the reference therein to “submitted to the shareholders” were a reference to “submitted to the members”.
1029.8.36.10. Where the corporation referred to in any of sections 1029.8.36.5 to 1029.8.36.7.1 is a corporation whose assets shown in its financial statements submitted to the shareholders or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of its first fiscal period, were less than $50,000,000, the rate of "15%" mentioned in any of those sections 1029.8.36.5 to 1029.8.36.7.1 shall be replaced by the rate determined by the formula
30% − {[(A − $25,000,000) × 15%] / $25,000,000}.
In the formula provided for in the first paragraph, A is the greater of $25,000,000 and the assets of the corporation determined as provided in this subdivision.
Where the corporation referred to in the first paragraph is a cooperative, the first paragraph shall be read as if the reference therein to "submitted to the shareholders" were a reference to "submitted to the members".
1029.8.36.10. Where the corporation referred to in any of sections 1029.8.36.5 to 1029.8.36.7 is a corporation whose assets shown in its financial statements submitted to the shareholders or, where such financial statements have not been prepared, or have not been prepared in accordance with generally accepted accounting principles, that would be shown if such financial statements had been prepared in accordance with generally accepted accounting principles, for its preceding taxation year or, where the corporation is in its first fiscal period, at the beginning of its first fiscal period, were less than $50,000,000, the rate of "15%" mentioned in any of those sections 1029.8.36.5 to 1029.8.36.7 shall be replaced by the rate determined by the formula
30% - {[(A - $25,000,000) × 15%] / $25,000,000}.
In the formula provided for in the first paragraph, A is the greater of $25,000,000 and the assets of the corporation determined as provided in this subdivision.
Where the corporation referred to in the first paragraph is a cooperative, the first paragraph shall be read as if the reference therein to "submitted to the shareholders" were a reference to "submitted to the members".
