I-3 - Taxation Act

Section 725.1.4 Disposition versions

2009-06-04

725.1.4. For the purposes of paragraph b of the definition of “qualified corporation” in section 725.1.3, the following rules apply in computing the assets of such a corporation at the time referred to in that paragraph:

(a)  the amount of the surplus reassessment of its property and the amount of its incorporeal assets are to be subtracted, to the extent that the amount shown in their respect exceeds the expenditure made in their respect; and

(b)  if all or part of an expenditure made in respect of incorporeal assets consists of shares of the corporation’s capital stock, all or part of the expenditure, as the case may be, is deemed to be nil.

2009, c. 15, s. 108.