I-3 - Taxation Act

Section 553 Disposition versions

2006-03-01

553. The taxpayer referred to in section 551 is deemed to have acquired the property received as consideration for the disposition at a cost equal to the proceeds determined under section 552 for the capital property disposed of or, in the case of a share of any particular class of the new corporation, at a cost equal to that proportion of such proceeds that the fair market value, immediately after the amalgamation, of the share of such class so acquired by him is of the fair market value, at the same time, of all the shares so acquired by him.

1972, c. 23, s. 431; 1974, c. 18, s. 23; 1975, c. 22, s. 132; 1997, c. 3, s. 71.