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I-3 - Taxation Act
Section 333.7
Disposition versions
333.7. An amount paid or payable by a purchaser for a restrictive covenant is
(a) if the amount is required because of sections 32 to 47.17 to be included in computing the income of an employee of the purchaser, to be considered to be wages paid or payable by the purchaser to the employee;
(b) if an election has been made under subparagraph b of the first paragraph of section 333.6 in respect of the amount, to be considered to be incurred by the purchaser on account of capital for the purpose of determining the cost of the property or for the purposes of section 93.15, as the case may be, and not to be an amount paid or payable for the purposes of the other provisions of this Part; and
(c) if an election has been made under subparagraph c of the first paragraph of section 333.6, in respect of the amount and the amount relates to the purchaser’s acquisition of property that is, immediately after the acquisition, an eligible interest of the purchaser, to be included in computing the cost to the purchaser of that eligible interest and considered not to be an amount paid or payable for the purposes of the other provisions of this Part.
333.7. An amount paid or payable by a purchaser for a restrictive covenant is
(a) if the amount is required because of sections 32 to 47.17 to be included in computing the income of an employee of the purchaser, to be considered to be wages paid or payable by the purchaser to the employee;
(b) if an election has been made under paragraph b of section 333.6 in respect of the amount, to be considered to be incurred by the purchaser on account of capital for the purposes of section 106 and not to be an amount paid or payable for the purposes of the other provisions of this Part; and
(c) if an election has been made under paragraph c of section 333.6, in respect of the amount and the amount relates to the purchaser’s acquisition of property that is, immediately after the acquisition, an eligible interest of the purchaser, to be included in computing the cost to the purchaser of that eligible interest and considered not to be an amount paid or payable for the purposes of the other provisions of this Part.
