I-3 - Taxation Act

Section 1029.8.36.11 Disposition versions

2022-06-08

1029.8.36.11. For the purposes of section 1029.8.36.10, in computing the assets of a corporation or a partnership at the time referred to in that section, the amount representing the surplus reassessment of its property and the amount of its incorporeal assets must be subtracted, to the extent that the amount indicated in their respect exceeds the expenditure made in their respect.

For the purposes of the first paragraph, all or part of an expenditure made in respect of incorporeal assets of a corporation or a partnership is deemed to be nil if all or the part of that expenditure consists

(a)  in the case of a corporation or of a corporation that is a cooperative, of a share of its capital stock; or

(b)  in the case of a partnership, of an interest in the partnership.

1995, c. 1, s. 157; 1997, c. 3, s. 71; 1997, c. 14, s. 229; 2005, c. 1, s. 242; 2022, c. 23, s. 99.

2006-03-01

1029.8.36.11. For the purposes of section 1029.8.36.10, in computing the assets of a corporation at the time referred to therein, the amount representing the surplus reassessment of its property and the amount of its incorporeal assets shall be subtracted, to the extent that the amount indicated in their respect exceeds the expenditure made in their respect.

For the purposes of the first paragraph, where all or part of an expenditure made in respect of incorporeal assets consists of shares of the corporation’s or cooperative’s capital stock, all or the part of the expenditure, as the case may be, is deemed to be nil.

1995, c. 1, s. 157; 1997, c. 3, s. 71; 1997, c. 14, s. 229; 2005, c. 1, s. 242.