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I-4 - Act respecting the application of the Taxation Act
Section 59
Disposition versions
59. For the purposes of sections 263 and 485 to 485.18 of the Taxation Act (chapter I-3), the principal amount of any debt or other obligation that was outstanding on 1 January 1972 is deemed to be equal to the lesser of the principal amount, otherwise determined for the purposes of the said Act, and the fair market value, on valuation day, of the obligation.
Where subparagraph a of the first paragraph of section 263 of the said Act applies to such a debt or other obligation, it shall be read as if the reference therein to “the amount for which the obligation was issued” were a reference to “the lesser of the principal amount and the amount for which the obligation was issued”.
59. In sections 263 and 485 of the Taxation Act the principal amount of any debt or other obligation outstanding on January 1972 is deemed to be the lesser of the principal amount, otherwise determined for the purposes of this act, and its fair market value on valuation day.
In its application to any such debt or other obligation the expression “issue price”, in paragraph a of section 263 of the said Act, means “the lesser of the principal amount and the issue price”.
