I-3 - Taxation Act

Section 1079.8.4 Disposition versions

2017-02-08

1079.8.4. For the purposes of sections 1079.8.5 to 1079.8.6.1, the following rules apply:

(a)  the amount of the impact on a taxpayer’s income for a taxation year, resulting from a particular transaction referred to in either of those sections, is to be determined by the formula

A + B; and

(b)  the amount of the impact on a particular partnership’s income for a fiscal period, resulting from a particular transaction referred to in either of those sections, is to be determined by the formula

C + D.

In the formulas in subparagraphs a and b of the first paragraph,

(a)  A is the amount by which the taxpayer’s income that would be determined for the taxation year if the particular transaction were not taken into account, exceeds the taxpayer’s income for the taxation year;

(b)  B is the amount by which the aggregate of all amounts each of which is the taxpayer’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the taxation year, exceeds the aggregate of all amounts each of which would be the taxpayer’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the taxation year if the particular transaction were not taken into account;

(c)  C is the amount by which the amount that would be the particular partnership’s income for the fiscal period if the particular transaction were not taken into account, exceeds the particular partnership’s income for the fiscal period; and

(d)  D is the amount by which the aggregate of all amounts each of which would have been the particular partnership’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the fiscal period if the particular partnership were a taxpayer whose taxation year coincides with the fiscal period, exceeds the aggregate determined under the third paragraph.

The aggregate to which subparagraph d of the second paragraph refers is the aggregate of all amounts each of which would be the particular partnership’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the fiscal period if the particular partnership were a taxpayer whose taxation year coincides with the fiscal period and if the particular transaction were not taken into account.

2010, c. 25, s. 189; 2017, c. 1, s. 354.

2010-10-27

1079.8.4. For the purposes of sections 1079.8.5 and 1079.8.6, the following rules apply:

(a)  the amount of the impact on a taxpayer’s income for a taxation year, resulting from a particular transaction referred to in either of those sections, is to be determined by the formula

A + B; and

(b)  the amount of the impact on a particular partnership’s income for a fiscal period, resulting from a particular transaction referred to in either of those sections, is to be determined by the formula

C + D.

In the formulas in subparagraphs a and b of the first paragraph,

(a)  A is the amount by which the taxpayer’s income that would be determined for the taxation year if the particular transaction were not taken into account, exceeds the taxpayer’s income for the taxation year;

(b)  B is the amount by which the aggregate of all amounts each of which is the taxpayer’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the taxation year, exceeds the aggregate of all amounts each of which would be the taxpayer’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the taxation year if the particular transaction were not taken into account;

(c)  C is the amount by which the amount that would be the particular partnership’s income for the fiscal period if the particular transaction were not taken into account, exceeds the particular partnership’s income for the fiscal period; and

(d)  D is the amount by which the aggregate of all amounts each of which would have been the particular partnership’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the fiscal period if the particular partnership were a taxpayer whose taxation year coincides with the fiscal period, exceeds the aggregate determined under the third paragraph.

The aggregate to which subparagraph d of the second paragraph refers is the aggregate of all amounts each of which would be the particular partnership’s non-capital loss, farm loss, net capital loss, restricted farm loss or limited partnership loss for the fiscal period if the particular partnership were a taxpayer whose taxation year coincides with the fiscal period and if the particular transaction were not taken into account.

2010, c. 25, s. 189.