I-3 - Taxation Act

Section 522.5 Disposition versions

2009-05-15

522.5. (Repealed).

2002, c. 40, s. 41; 2009, c. 5, s. 178.

2006-03-01

522.5. In this section and in sections 520.3, 522.1 and 522.3,

(a)  a third party replaced by a particular person or partnership means a person or partnership, other than the taxpayer or corporation, who or that is

i.  a corporation whose existence is continued by the particular person by reason of its winding-up or its amalgamation with one or more other corporations to form the particular person,

ii.  a partnership all or substantially all the activities of which continue, from a particular time and as part of a reorganization that includes the dissolution of the partnership, to be carried on by the particular partnership, where all the members of the partnership immediately before it ceases to carry on the activities, except a member dissolved in the reorganization, are members of the particular partnership at the particular time,

iii.  a person or partnership who or that is a third party replaced by a corporation referred to in subparagraph i, by a partnership referred to in subparagraph ii or by a person or partnership referred to in this subparagraph, or

iv.  where the particular person or partnership applies therefor to the Minister, any other person or partnership who or that the Minister sees reasonable to consider, in the circumstances, as a third party replaced by the particular person or partnership; and

(b)  a third party replacing a particular person or partnership means a person or partnership, other than the taxpayer or corporation, who or that is

i.  a corporation that continues the existence of the particular person by reason of the winding-up of the particular person or because the particular person results from its amalgamation with one or more other corporations,

ii.  a partnership that continues, from a particular time and as part of a reorganization that includes the dissolution of the particular partnership, to carry on all or substantially all the activities of the particular partnership, where all the members of the particular partnership immediately before it ceases to carry on the activities, except a member dissolved in the reorganization, are members of the partnership at the particular time,

iii.  a person or partnership who or that is a third party replacing a corporation referred to in subparagraph i, a partnership referred to in subparagraph ii or a person or a partnership referred to in this subparagraph, or

iv.  where the third party applies therefor to the Minister, any other person or partnership who or that the Minister sees reasonable to consider, in the circumstances, as a third party replacing the particular person or partnership.

2002, c. 40, s. 41.