I-3 - Taxation Act

Section 1053.0.1 Disposition versions

2006-03-01

1053.0.1. Where, for a particular taxation year, a taxpayer has included an amount in computing his income by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in either of those sections, and an overpayment of tax was refunded to him or was applied to another liability, his tax payable under this Part for the particular taxation year is deemed, for the purpose of computing interest payable under section 1052, to be equal to the tax that the taxpayer would have been required to pay had he not been entitled to so include that amount.

However, the amount by which the taxpayer’s tax payable under this Part for the particular taxation year is increased by reason of the inclusion of an amount described in the first paragraph is deemed, for the purpose of computing interest payable under section 1052, to have so increased the taxpayer’s tax payable under this Part for the particular taxation year, from the taxpayer’s filing-due date for the subsequent taxation year.

1995, c. 63, s. 221; 1997, c. 3, s. 71; 1997, c. 31, s. 143.