I-3 - Taxation Act

Section 776.16 Disposition versions

2006-03-01

776.16. Where the amount determined under paragraph b of section 776.15 exceeds the amount determined under paragraph a of the said section 776.15, the excess,

(a)  where the qualifying security contemplated in section 776.14 is a capital property to the person contemplated in the said section 776.14, is deemed to be a capital gain of the person for the year in which the security is acquired, from the disposition of that property, and

(b)  in any other case, shall be included in computing the income of the person for that year.

The cost to that person of the qualifying security is in that case deemed to be nil.

1985, c. 25, s. 134.