I-3 - Taxation Act

Section 157.2 Disposition versions

2015-10-21

157.2. (Repealed).

1982, c. 5, s. 46; 1997, c. 3, s. 71; 1998, c. 16, s. 95; 2005, c. 1, s. 63; 2015, c. 21, s. 127.

2006-03-01

157.2. For the purposes of this section and section 157.1, the expression

(a)  “qualifying inventory” means corporeal property described in paragraph j of section 157, as it read before being struck out, other than an immovable or an interest therein or property of a taxpayer that becomes property of a new corporation by virtue of an amalgamation or merger;

(b)  “specified transaction” means a distribution by a corporation of qualifying inventory on or in the course of its winding-up, a disposition by a taxpayer of all or a substantial part of the taxpayer’s qualifying inventory, or a disposition at a particular time of qualifying inventory by a taxpayer one of the principal purposes of which is to permit a person with whom the taxpayer does not deal at arm’s length to obtain a deduction in respect thereof under paragraph j of section 157, as it read before being struck out, for that person’s first fiscal period commencing after the particular time, but does not include any such distribution or disposition by a taxpayer to another person during a fiscal period of that other person that ends at least 11 months after the commencement of the fiscal period of the taxpayer during which the distribution or disposition occurs.

1982, c. 5, s. 46; 1997, c. 3, s. 71; 1998, c. 16, s. 95; 2005, c. 1, s. 63.