I-3 - Taxation Act

Section 521.2 Disposition versions

2006-03-01

521.2. Subject to section 522, where the taxpayer and the corporation make the first election mentioned in section 518 in respect of the disposition of property, the taxpayer’s proceeds of disposition of the property and the cost to the corporation of the property are deemed to be equal to such amount as is established in respect of the property under subsection 1 of section 85 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), except that, for the purposes of paragraphs b and c of section 528, the proceeds of disposition of the property are deemed to be equal to that amount established without reference to paragraph e.2 of subsection 1 of that section 85.

1997, c. 85, s. 85; 2003, c. 9, s. 34.