716. Where, at any time, a corporation makes a gift of capital property to a donee referred to in any of paragraphs a to c of section 710 or, if the corporation is not resident in Canada, a gift of immovable property situated in Canada to a prescribed donee who provides an undertaking, in a form satisfactory to the Minister, to the effect that such property will be held for use in the public interest, and the fair market value of the capital property or immovable property, as the case may be, exceeds its adjusted cost base to the corporation at that time, the corporation may designate in the fiscal return it is required to file under section 1000 for the year in which the gift is made, an amount which is deemed to be both the corporation’s proceeds of disposition of the capital property or immovable property, as the case may be, and, for the purposes of section 710, the fair market value of the gift, and which, at that time, must not be greater than the fair market value otherwise determined nor less than the adjusted cost base to the corporation of the capital property or immovable property, as the case may be.
1973, c. 17, s. 84; 1986, c. 15, s. 104; 1987, c. 67, s. 137; 1993, c. 64, s. 50; 1994, c. 22, s. 246; 1995, c. 1, s. 53; 1997, c. 3, s. 71; 1999, c. 83, s. 70; 2003, c. 2, s. 193.