I-3 - Taxation Act

Section 965.0.34 Disposition versions

2015-10-21

965.0.34. A taxpayer who is not a qualifying survivor in relation to a member of a PRPP shall include, in computing income for a taxation year, the aggregate of all amounts each of which is an amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer; and

(b)  B is an amount designated by the administrator of the PRPP not exceeding the lesser of

i.  the amount of the distribution, and

ii.  the amount by which the fair market value of all property held in connection with the account immediately before the death of the member exceeds the total of

(1)  the amount designated in accordance with this paragraph in respect of any prior distribution made from the account, and

(2)  an amount included under section 965.0.32 in computing the income of a qualifying survivor in relation to the member.

2015, c. 21, s. 351.