I-3 - Taxation Act

Section 359.19 Disposition versions

2006-03-01

359.19. A corporation is not entitled to renounce under section 359.2, 359.2.1 or 359.4 to a person a specified amount where the corporation would not be entitled to so renounce the specified amount if the words “end of that fiscal period” in section 359.18 were read as “time the outlay or expense is made or incurred by the partnership” and the words “on the effective date of the renunciation” in paragraph a of each of sections 359.3 and 359.5 were read as “at the earliest time that any part of such expense is incurred by the corporation”.

For the purposes of the first paragraph, a specified amount in respect of a corporation is an amount that represents all or part of

(a)  the corporation’s share of the outlay or expense made or incurred by a partnership of which the corporation is a member or former member; or

(b)  an amount renounced to the corporation under section 359.2, 359.2.1 or 359.4.

1993, c. 16, s. 153; 1995, c. 49, s. 98; 1997, c. 3, s. 71; 1998, c. 16, s. 141.