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I-3 - Taxation Act

Section 656.4.1
Disposition versions

Full text
656.4.1. (Repealed).
1997, c. 31, s. 63; 2015, c. 21, s. 215.
656.4.1. Where a trust that has filed an election under section 656.4 before 1 July 1995 applies before 9 December 1997 to the Minister in writing for permission to revoke the election and the Minister grants permission to revoke the election,
(a)  the election is deemed, otherwise than for the purposes of this section, never to have been made;
(b)  any amount payable by the trust under this Part as a penalty shall be reduced by that part of the amount that is attributable to the revocation of the election; and
(c)  notwithstanding sections 1010 to 1011, such assessments of tax, interest and penalties under this Part shall be made as are necessary by the Minister to take into account the consequences of the revocation of the election.
1997, c. 31, s. 63.
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