I-3 - Taxation Act

Section 462.19 Disposition versions

2006-03-01

462.19. Where an individual has loaned or transferred property to another person and that property, or property substituted therefor, is loaned or transferred by a third person directly or indirectly to or for the benefit of a specified person with respect to the individual, or to another person on condition that the property be loaned or transferred by a third person directly or indirectly to or for the benefit of a specified person with respect to the individual, the following rules apply:

(a)  for the purposes of sections 462.1 to 462.14, the property loaned or transferred by the third person is deemed to have been loaned or transferred, as the case may be, by the individual to or for the benefit of the specified person;

(b)  for the purposes of section 462.15, the consideration received by the third person for the transfer of the property is deemed to have been received by the individual.

1987, c. 67, s. 112.