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I-3 - Taxation Act

Section 692.2
Disposition versions

Full text
692.2. Where property of an environmental trust is transferred at any time to a beneficiary under the trust in satisfaction of all or any part of the beneficiary’s interest as a beneficiary under the trust,
(a)  the trust is deemed to have disposed of the property at that time and to have received proceeds of disposition equal to its fair market value at that time; and
(b)  the beneficiary is deemed to have acquired the property at that time at a cost equal to its fair market value at that time.
1996, c. 39, s. 178; 2000, c. 5, s. 293; 2001, c. 7, s. 84.
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