I-3 - Taxation Act

Section 716.0.1 Disposition versions

2006-03-01

716.0.1. Where a corporation makes a gift of a work of art referred to in section 714.1 in a taxation year, referred to in this section as the “gift year”, to a donee referred to in section 714.1, the corporation may, on or before its filing-due date for a subsequent taxation year, referred to in this section as the “year of disposition”, that includes 31 December of the calendar year in which the donee disposed of the work of art, file with the Minister for a taxation year referred to in the second paragraph an amended fiscal return in which the corporation shall take into account the tax consequences of that disposition in respect of an amount relating to that taxation year.

The taxation year to which the first paragraph refers is a taxation year of the corporation for which it filed a fiscal return pursuant to section 1000 and that is previous to the year of disposition but after the fourth taxation year of the corporation that precedes the gift year.

Notwithstanding sections 1010 to 1011, the Minister shall, where the corporation has filed an amended fiscal return in accordance with the first paragraph, make such assessment, reassessment or additional assessment of the tax, interest and penalties payable by the corporation under this Part as is necessary for any taxation year to give effect to the disposition referred to in the first paragraph.

1995, c. 63, s. 51; 1997, c. 3, s. 71; 1997, c. 31, s. 69.