I-3 - Taxation Act

Section 523 Disposition versions

2019-06-19

523. Where, in accordance with section 522, the taxpayer and the corporation have jointly agreed in the prescribed form on an amount in respect of property described in section 524, the amount is deemed, despite subparagraphs b and c of the first paragraph of section 522, but subject to the second paragraph, to be equal to the least of the amounts described in paragraph b or c, as the case may be, of section 524.

However, the amount shall in no case be less than the amount that is deemed to be the amount agreed on under subparagraph b of the first paragraph of section 522, subject to subparagraph c of that paragraph.

1972, c. 23, s. 408; 1975, c. 22, s. 117; 1997, c. 3, s. 71; 1997, c. 85, s. 87; 2019, c. 14, s. 149.

2006-03-01

523. Where, in accordance with section 522, the taxpayer and the corporation have jointly agreed in the prescribed form on an amount in respect of property described in section 524, the amount is deemed, notwithstanding subparagraphs b and c of the first paragraph of section 522, but subject to the second paragraph, to be equal to the least of the amounts described in paragraph a, b or c, as the case may be, of section 524.

However, the amount shall in no case be less than the amount that is deemed to be the amount agreed on under subparagraph b of the first paragraph of section 522, subject to subparagraph c of that paragraph.

1972, c. 23, s. 408; 1975, c. 22, s. 117; 1997, c. 3, s. 71; 1997, c. 85, s. 87.