I-3 - Taxation Act

Section 752.0.10.21 Disposition versions

2012-05-09

752.0.10.21. If this section applies because of section 752.0.10.20, the following rules apply despite paragraph a of section 296:

(a)  the individual is deemed to have received proceeds of disposition of the property equal to the property’s fair market value at the particular time referred to in paragraph b of section 752.0.10.20; and

(b)  there shall be included in the individual’s total charitable gifts, for the taxation year that includes the particular time, the amount by which the property’s fair market value exceeds the aggregate of the amounts described in subparagraphs 1 and 2 of subparagraph i of paragraph c of section 752.0.10.20.

2012, c. 8, s. 121.