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I-3 - Taxation Act

Section 851.22.23.5
Disposition versions

Full text
851.22.23.5. If, at a particular time in a taxation year of a taxpayer who is a financial institution for the year, a property becomes a mark-to-market property of the taxpayer for the year because it ceased, at the particular time, to be a prescribed securities exchange investment of the taxpayer, the following rules apply:
(a)  the taxpayer is deemed to have disposed of the property immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time, and to have acquired the property, at the particular time, at a cost equal to those proceeds; and
(b)  section 851.22.14 does not apply to the disposition referred to in paragraph a.
2010, c. 25, s. 100.
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