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I-3 - Taxation Act

Section 296.1
Disposition versions

Full text
296.1. Where at any time a taxpayer exercises an option to acquire a specified property,
(a)  the taxpayer shall deduct after that time in computing the adjusted cost base to the taxpayer of the specified property the aggregate of all amounts deducted under paragraph b.1 of section 257 in computing, immediately before that time, the adjusted cost base to the taxpayer of the option; and
(b)  the taxpayer shall add, after that time, in computing the adjusted cost base to the taxpayer of the specified property, the amount determined under paragraph a in respect of that acquisition.
1996, c. 39, s. 91.
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