I-3 - Taxation Act

Section 560.2.1 Disposition versions

2015-12-04

560.2.1. If a corporation amends, in accordance with paragraph c of subsection 1.8 of section 88 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), a designated amount (in this section referred to as the “initial designation”) referred to in subparagraph i of subparagraph a of the first paragraph of section 560 in respect of a share of the capital stock of a foreign affiliate of the corporation, or an interest in a partnership that, in accordance with paragraph c of section 600, owns a share of the capital stock of a foreign affiliate of the corporation, and subsection 1.9 of that section 88 applies in respect of the initial designation, the amended designation is deemed to have been made on the day on which the initial designation was made and the initial designation is deemed not to have been made.

2015, c. 36, s. 24.