I-3 - Taxation Act

Section 484.11 Disposition versions

2009-05-15

484.11. Where a particular property is seized at any time in a taxation year by a creditor in respect of one or more debts, the cost to the creditor of the particular property is deemed to be the amount by which the aggregate of the following amounts exceeds the amount described in the second paragraph:

(a)  that proportion of the total specified costs immediately before that time to the creditor of those debts that the fair market value of the particular property immediately before that time is of the fair market value of all properties immediately before that time that were seized by the creditor at that time in respect of those debts; and

(b)  all amounts each of which is an outlay or expense made or incurred, or a specified amount at that time of a debt that is assumed, by the creditor at or before that time to protect the creditor’s interest in the particular property, except to the extent the outlay, expense or specified amount, as the case may be,

i.  was included in the cost to the creditor of property other than the particular property,

ii.  was included before that time in computing, for the purposes of this Part, any balance of undeducted outlays, expenses or other amounts of the creditor, or

iii.  was deductible in computing the creditor’s income for the year or a preceding taxation year.

The amount to which the first paragraph refers is the amount deducted or claimed as a deduction under section 153, subparagraph b of the first paragraph of section 234 or subparagraph a of the first paragraph of section 279, as the case may be, in respect of the particular property in computing the creditor’s income or capital gain for the preceding taxation year or the amount by which the proceeds of disposition of the creditor of the particular property are reduced because of section 484.10 in respect of a disposition of the particular property by the creditor occurring before that time and in the year.

1996, c. 39, s. 139; 2009, c. 5, s. 168.

2006-03-01

484.11. Where a particular property is seized at any time in a taxation year by a creditor in respect of one or more debts, the cost to the creditor of the particular property is deemed to be the amount by which the aggregate of the following amounts exceeds the amount described in the second paragraph:

(a)  that proportion of the total specified costs immediately before that time to the creditor of those debts that the fair market value of the particular property immediately before that time is of the fair market value of all properties immediately before that time that were seized by the creditor at that time in respect of those debts; and

(b)  all amounts each of which is an outlay or expense made or incurred, or a specified amount at that time of a debt that is assumed, by the creditor at or before that time to protect the creditor’s interest in the particular property, except to the extent the outlay, expense or specified amount, as the case may be,

i.  was included in the cost to the creditor of property other than the particular property,

ii.  was included before that time in computing, for the purposes of this Part, any balance of undeducted outlays, expenses or other amounts of the creditor, or

iii.  was deductible in computing the creditor’s income for the year or a preceding taxation year.

The amount to which the first paragraph refers is the amount deducted or claimed under section 153, subparagraph b of the first paragraph of section 234 or paragraph a of section 279, as the case may be, in respect of the particular property in computing the creditor’s income or capital gain for the preceding taxation year or the amount by which the proceeds of disposition of the creditor of the particular property are reduced because of section 484.10 in respect of a disposition of the particular property by the creditor occurring before that time and in the year.

1996, c. 39, s. 139.