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I-3 - Taxation Act

Section 1034.2
Disposition versions

Full text
1034.2. Where property is transferred at any time by a corporation to a taxpayer with whom the corporation does not deal at arm’s length at that time and the corporation is not entitled because of section 346.3 to deduct an amount under section 346.2 in computing its income for a taxation year because of the transfer or because of the transfer and one or more other transactions, the taxpayer is solidarily liable with the corporation to pay an amount of the corporation’s tax under this Part for the year equal to the amount by which the fair market value of the property at that time exceeds the fair market value at that time of the consideration given for the property.
However, nothing in this section limits the liability of the corporation under any other provision of this Act.
1996, c. 39, s. 251; 1997, c. 3, s. 71.
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