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I-3 - Taxation Act
Section 1129.21
Disposition versions
1129.21. Where an institution or public authority disposes of a property, other than a property described in subparagraph a of the third paragraph of section 232, within nine years after the day on which the institution or public authority, as the case may be, acquired it and where the institution or public authority, as the case may be, was, at the time of the acquisition, designated under subsection 2 of section 32 of the Cultural Property Export and Import Act (R.S.C. 1985, c. C-51) generally or for a specified purpose related to the property and the property was, at the time of the acquisition, a property classified in accordance with the Cultural Heritage Act (chapter P-9.002), the institution or public authority, as the case may be, shall pay, for the year in which the property is disposed of, tax equal to 30% of the fair market value of the property at the time of the disposition, except where the property is disposed of to an entity which is, at that time, an eligible entity.
1129.21. Where an institution or public authority disposes of a property, other than a property described in subparagraph a of the third paragraph of section 232, within nine years after the day on which the institution or public authority, as the case may be, acquired it and where the institution or public authority, as the case may be, was, at the time of the acquisition, designated under subsection 2 of section 32 of the Cultural Property Export and Import Act (Revised Statutes of Canada, 1985, chapter C-51) generally or for a specified purpose related to the property and the property was, at the time of the acquisition, a property recognized in accordance with section 16 of the Cultural Property Act (chapter B-4) or classified in accordance with sections 24 to 29 of the latter Act, the institution or public authority, as the case may be, shall pay, for the year in which the property is disposed of, tax equal to 30% of the fair market value of the property at the time of the disposition, except where the property is disposed of to an entity which is, at that time, an eligible entity.
