I-3 - Taxation Act

Section 431 Disposition versions

2009-05-15

431. If a taxpayer has acquired a property that is a right or property referred to in section 430, the following rules apply:

(a)  paragraph a of section 422 does not apply to that property; and

(b)  the taxpayer is deemed to have acquired the property at a cost equal to the aggregate of

i.  the portion of the cost to the deceased individual that was not deducted by the deceased individual in computing income for any taxation year, and

ii.  the expenditures made or incurred by the taxpayer to acquire it.

1975, c. 22, s. 94; 1993, c. 16, s. 181; 1998, c. 16, s. 251; 2009, c. 5, s. 142.

2006-03-01

431. The cost to a person who is a beneficiary of the succession of a right or property referred to in section 430 is deemed to be such part of the cost thereof to the individual who has died as was not deducted in computing his income for any taxation year, plus the expenditures made or incurred by the person to acquire it, and section 422 does not apply in computing the cost of that property to the person.

1975, c. 22, s. 94; 1993, c. 16, s. 181; 1998, c. 16, s. 251.