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I-3 - Taxation Act

Section 194.0.1
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194.0.1. For the purposes of sections 194 to 197, where at any time a taxpayer has, in circumstances where section 422 applies by reason of the application of paragraph a or b thereof, acquired inventory in connection with a farming business the income from which is computed in accordance with the cash method,
(a)  the taxpayer is deemed to have purchased the inventory at the time it was so acquired,
(b)  the taxpayer is deemed to have paid at that time, in the course of carrying on that business, an amount equal to the cost to him of the inventory, and
(c)  the amount referred to in paragraph b is deemed to be the only amount paid for the inventory by the taxpayer.
1993, c. 16, s. 98.
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