I-3 - Taxation Act

Section 851.22.21.2 Disposition versions

2010-10-27

851.22.21.2. The rules to which section 851.22.21.1 refers and that apply to a taxpayer in respect of a particular disposition are the following:

(a)  section 157.6 does not apply to the taxpayer in respect of the particular disposition; and

(b)  if section 92.22 does not apply to the taxpayer in respect of the particular disposition, there must be included in computing the taxpayer’s income for the taxpayer’s transition year the amount by which the aggregate determined in the second paragraph is exceeded by the aggregate of all amounts each of which is an amount deducted under section 140 in respect of the specified debt obligation of the taxpayer in computing the taxpayer’s income for the taxpayer’s base year, or an amount deducted under section 141 in respect of the specified debt obligation of the taxpayer in computing the taxpayer’s income for a taxation year that preceded the taxpayer’s transition year.

The aggregate to which subparagraph b of the first paragraph refers is the aggregate of all amounts each of which is an amount included under paragraph d of section 87 in respect of the specified debt obligation of the taxpayer in computing the taxpayer’s income for the taxpayer’s transition year, or an amount included under paragraph i of section 87 in respect of the specified debt obligation of the taxpayer in computing the taxpayer’s income for the taxpayer’s transition year or a preceding taxation year.

2010, c. 25, s. 98.