I-3 - Taxation Act

Section 332.3 Disposition versions

2006-03-01

332.3. For the purposes of sections 332.1 and 332.2 and this section,

(a)  (paragraph repealed);

(b)  (paragraph repealed);

(b.1)  “stated percentage” means

i.  in respect of an amount described in paragraph a, f or g of section 332.1 that became receivable by a taxpayer,

(1)  100% where the amount became receivable before 1 July 1988,

(2)  50% where the amount became receivable after 30 June 1988 but before 1 January 1990, and

(3)  0% where the amount became receivable after 31 December 1989; and

ii.  in respect of the disposition described in paragraph b of section 332.1 of a depreciable property of a taxpayer,

(1)  100% where the property was disposed of before 1 July 1988,

(2)  50% where the property was disposed of after 30 June 1988 but before 1 January 1990; and

(3)  0% where the property was disposed of after 31 December 1989;

(c)  “specified predecessor” of a taxpayer means a person who is a predecessor of the taxpayer or of a person who is a specified predecessor of the taxpayer;

(d)  “successor corporation” means a corporation that has, after 7 November 1969, acquired, in any manner whatever, except pursuant to an amalgamation that is described in subsection 4 of section 544 or a winding-up to which the rules in sections 556 to 564.1 and 565 apply, from another person, in this section and in sections 332.1 and 332.2 referred to as the “predecessor corporation”, all or substantially all of the Canadian resource properties of the predecessor corporation in circumstances in which section 418.16, any of sections 418.18 to 418.21 or section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4), to the extent that that section refers to subsection 25 of section 29 of the Income Tax Application Rules (Revised Statutes of Canada, 1985, chapter 2, 5th Supplement), applies to that corporation.

1982, c. 5, s. 72; 1985, c. 25, s. 58; 1986, c. 19, s. 63; 1989, c. 77, s. 32; 1990, c. 59, s. 149; 1997, c. 3, s. 24; 1998, c. 16, s. 251.