I-3 - Taxation Act

Section 1129.27.27 Disposition versions

2021-06-04

1129.27.27. In this Part,

“authorized investment certificate” has the meaning assigned by section 776.1.36;

“balance of the special tax account payable” of a corporation, at the end of a taxation year, in relation to an authorized investment certificate, means an amount equal to the amount by which its special tax account payable at the end of that year in relation to the certificate exceeds the aggregate of all amounts each of which is the amount determined under subparagraph b of the second paragraph of section 1129.27.28 in relation to the certificate for a preceding taxation year;

“eligible investment” has the meaning assigned by section 776.1.36;

“excluded share” means a share of the capital stock of a corporation that is disposed of or exchanged by reason of the corporation’s or shareholder’s bankruptcy or insolvency, unilaterally redeemed by the corporation, or redeemed by the corporation at the shareholder’s request where the law confers on the shareholder the right to demand that all its shares be redeemed;

“special tax account payable” of a corporation, at the end of a taxation year, in relation to an authorized investment certificate held by another corporation, means an amount equal to the proportion of the aggregate of all amounts each of which is the amount of a penalty determined under any of sections 1049.14.26 to 1049.14.29, at or before the end of the taxation year, in respect of the other corporation in relation to the certificate, that the aggregate of all amounts each of which is an amount paid by the corporation for the acquisition of a share of the capital stock of the other corporation in relation to the certificate is of the aggregate of all amounts each of which is an amount received by the other corporation for the issue of a share of its capital stock in relation to the certificate;

“unused portion of the tax credit” has the meaning assigned by section 776.1.36.

2021, c. 18, s. 156.