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I-3 - Taxation Act

Section 434
Disposition versions

Full text
434. An individual who dies is deemed to have, immediately before the individual’s death, disposed of each property that was land included in the inventory of a business of the individual and received proceeds of disposition for that property equal to its fair market value immediately before the death and the person who as a consequence of the individual’s death acquires such property is deemed to have acquired the property at the time of the death at a cost equal to the fair market value of the property immediately before the death.
1975, c. 22, s. 95; 1995, c. 49, s. 119; 2003, c. 2, s. 117.
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