I-3 - Taxation Act

Section 217.28 Disposition versions

2015-10-26

217.28. Subject to section 217.22, the following rules apply for a particular taxation year if a reserve was claimed by a corporation under section 217.27 in respect of a partnership for the preceding taxation year:

(a)  the portion of the reserve that was deducted under subparagraph b of the first paragraph of section 217.27 for that preceding year is to be included in computing the income of the corporation for the particular year; and

(b)  the portion of the reserve that was deemed by subparagraph c of the first paragraph of section 217.27 to be an allowable capital loss of the corporation for that preceding year is deemed to be a taxable capital gain of the corporation for the particular year from the disposition of property.

2013, c. 10, s. 21; 2015, c. 24, s. 46.

2013-06-05

217.28. A corporation shall include in computing its income in respect of a partnership for a taxation year the amount deducted by it under section 217.27 in respect of the partnership for its preceding taxation year.

2013, c. 10, s. 21.