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I-3 - Taxation Act

Section 851.45
Disposition versions

Full text
851.45. Where at any time a taxpayer has paid an amount, in this section referred to as the “repaid amount”, on account of the principal amount of an indebtedness that was, before that time, a limited-recourse amount, in this section referred to as the “former limited-recourse indebtedness”, relating to an expenditure of the taxpayer, the following rules apply:
(a)  at all times before that time, the former limited-recourse indebtedness is considered to have been a limited-recourse amount; and
(b)  subject to section 851.41, the expenditure is deemed to have been made or incurred at that time by the payment of, and to the extent of, the repaid amount.
2001, c. 7, s. 132.
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