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I-3 - Taxation Act

Section 2.1.1
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2.1.1. For the purposes of this Part and subject to sections 2.1, 2.1.2, 2.1.3 and 456.1, where at any time a property owned by two or more persons is the subject of a partition, the following rules apply, notwithstanding any retroactive or declaratory effect of such partition:
(a)  each such person who had a right in the property immediately before that time is deemed not to have disposed at that time of that proportion, not exceeding 1, of the right that the fair market value of that person’s right in the property immediately after that time is of the fair market value of that person’s right in the property immediately before that time;
(b)  each such person who has a right in the property immediately after that time is deemed not to have acquired at that time that proportion of the right that the fair market value of that person’s right in the property immediately before that time is of the fair market value of that person’s right in the property immediately after that time;
(c)  each such person who had a right in the property immediately before that time is deemed to have had until that time, and to have disposed at that time of, that proportion of the person’s right to which subparagraph a does not apply;
(d)  each such person who has a right in the property immediately after that time is deemed not to have had before that time, and to have acquired at that time, that proportion of the person’s right to which subparagraph b does not apply; and
(e)  subparagraphs a to d do not apply where the right of the person is a right in fungible corporeal property described in that person’s inventory.
For the purposes of this section, where a right in the property is an undivided right, the fair market value of the right at any time is deemed to be equal to that proportion of the fair market value of the property at that time that the right is of all the undivided rights in the property.
1993, c. 16, s. 3; 1995, c. 49, s. 2; 2005, c. 1, s. 22; 2020, c. 16, s. 26.
2.1.1. For the purposes of this Part and subject to sections 2.1, 2.1.2, 2.1.3 and 456.1, where at any time a property owned by two or more persons is the subject of a partition, the following rules apply, notwithstanding any retroactive or declaratory effect of such partition:
(a)  each such person who had an interest in the property immediately before that time is deemed not to have disposed at that time of that proportion, not exceeding 1, of the interest that the fair market value of that person’s interest in the property immediately after that time is of the fair market value of that person’s interest in the property immediately before that time;
(b)  each such person who has an interest in the property immediately after that time is deemed not to have acquired at that time that proportion of the interest that the fair market value of that person’s interest in the property immediately before that time is of the fair market value of that person’s interest in the property immediately after that time;
(c)  each such person who had an interest in the property immediately before that time is deemed to have had until that time, and to have disposed at that time of, that proportion of the person’s interest to which subparagraph a does not apply;
(d)  each such person who has an interest in the property immediately after that time is deemed not to have had before that time, and to have acquired at that time, that proportion of the person’s interest to which subparagraph b does not apply;
(e)  subparagraphs a to d do not apply where the interest of the person is an interest in fungible corporeal property described in that person’s inventory.
For the purposes of this section, where an interest in the property is an undivided interest, the fair market value of the interest at any time is deemed to be equal to that proportion of the fair market value of the property at that time that the interest is of all the undivided interests in the property.
1993, c. 16, s. 3; 1995, c. 49, s. 2; 2005, c. 1, s. 22.
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