I-3 - Taxation Act

Section 112.1 Disposition versions

2006-03-01

112.1. Notwithstanding sections 111 and 112, a person shall include in computing his income for a taxation year the fair market value of a stock dividend paid to him by a corporation in the year, except to the extent that it is otherwise included in computing that person’s income under the first paragraph of section 497, if it may reasonably be considered that one of the purposes of such payment was to significantly alter the value of the interest of any specified shareholder of the corporation.

1987, c. 67, s. 27; 1997, c. 3, s. 71; 2001, c. 7, s. 18.