I-3 - Taxation Act

Section 979.9 Disposition versions

2007-11-07

979.9. (Repealed).

1985, c. 25, s. 143; 2005, c. 23, s. 134; 2007, c. 12, s. 98.

2006-03-01

979.9. A market-maker shall include, in computing his income as market-maker for a taxation year from his employment or business, as the case may be, any amount withdrawn by him from his reserve account for contingent losses in the year, if he is an employee, or in the particular period that coincides with the year or ends in that year, if he works for his own account.

If a market-maker so elects in respect of the balance of the market-maker’s reserve account for contingent losses that the market-maker is deemed to have withdrawn in a taxation year by reason of the application of the second paragraph of section 979.12, the following rules apply:

(a)  the market-maker may elect not to include, in computing income for the year, an amount not exceeding 50% of that balance; and

(b)  the market-maker must include, in computing income for the taxation year that follows the year, the amount referred to in subparagraph a.

1985, c. 25, s. 143; 2005, c. 23, s. 134.