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I-3 - Taxation Act

Section 485.31
Disposition versions

Full text
485.31. Where the consideration given by a corporation to another person for the settlement at any time of a distress preferred share that was issued by the corporation and owned immediately before that time by the other person includes a commercial debt obligation issued by the corporation to the other person, sections 485 to 485.18 apply with reference to the following rules:
(a)  the amount paid at that time in satisfaction of the principal amount of the share because of the issue of that obligation is deemed to be equal to the principal amount of the obligation; and
(b)  the amount for which the obligation was issued is deemed to be equal to its principal amount.
1996, c. 39, s. 142; 1997, c. 3, s. 71.
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