I-3 - Taxation Act

Section 555.4 Disposition versions

2006-03-01

555.4. For the purposes of section 555.3, the particular corporation shall itself determine in its fiscal return for the taxation year in which the merger occurs the portion of the amount referred to in subsection 2 of that section which is attributed to the shares of the class contemplated in that section.

However, the portion of that amount so attributed to shares of a particular class must not exceed the amount by which the fair market value, immediately after the merger, of the shares of that class issued by virtue of the merger exceeds the cost of those same shares to the particular corporation, determined without reference to this section nor to section 555.3.

Furthermore, the aggregate of the portions so attributed to the shares of each class of the capital stock of the new corporation must not exceed the amount referred to in subsection 2 of section 555.3.

1980, c. 13, s. 54; 1997, c. 3, s. 71; 1997, c. 14, s. 85.