I-3 - Taxation Act

Section 935.42 Disposition versions

2023-09-26

935.42. Where, in a taxation year, a loan for which a trust governed by a first home savings account has used or permitted to be used trust property as security ceases to be extant and the fair market value of the property so used was included, under section 935.41, in computing the income of the individual who is the holder of the account, the individual may deduct, in computing the individual’s income for the year, the amount by which the amount so included in computing the individual’s income in consequence of the trust’s using or permitting to be used the property as security for the loan exceeds the net loss sustained by the trust in consequence of such use.

The loss referred to in the first paragraph does not include payments made by the trust as interest or a change in the fair market value of the property.

2023, c. 19, s. 98.