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I-4 - Act respecting the application of the Taxation Act

Section 68
Disposition versions

Full text
68. In computing the adjusted cost base of any capital property that was owned by the taxpayer on 31 December 1971 and thereafter without interruption until such time as he disposes of it, the cost to him of such capital property is deemed to be the amount that is neither the greatest nor the least of the following three amounts, namely:
(a)  its actual cost or, in the case of an obligation, its amortized cost on 1 January 1972;
(b)  its market value on valuation day; or
(c)  the amount by which the aggregate of the proceeds of disposition of the capital property, determined without reference to sections 93.1 to 93.3 of the Taxation Act (chapter I-3), all amounts required by section 257 of the said Act to be deducted in computing the adjusted cost base to the taxpayer immediately before the disposition, and all amounts described in paragraph e of section 70 that are relevant in computing the adjusted cost base to the taxpayer immediately before the disposition, exceeds the aggregate of all amounts required by section 255 of the said Act, if that section were read without reference to paragraphs c.1, c.1.1, f.1 and h.0.0.1 thereof, to be included in computing the adjusted cost base to the taxpayer immediately before the disposition and all amounts described in paragraph b of section 70 that are relevant in computing the adjusted cost base to the taxpayer immediately before the disposition.
However, if the amounts determined under more than one of paragraphs a to c are identical, such identical amount is then deemed to be the cost of the capital property to the taxpayer.
Likewise, in computing the adjusted cost base of such capital property at a particular time before it is disposed of by the taxpayer, the cost of the capital property is the cost that would be determined under this section as if he had disposed of it at that time and as if the proceeds of disposition had been equal to its fair market value at the same time.
1972, c. 24, s. 71; 1973, c. 17, s. 150; 1984, c. 15, s. 246; 1986, c. 19, s. 208; 1996, c. 39, s. 277.
68. In computing the adjusted cost base of any capital property that was owned by the taxpayer on 31 December 1971 and thereafter without interruption until such time as he disposes of it, the cost to him of such capital property is deemed to be the amount that is neither the greatest nor the least of the following three amounts, namely:
(a)  its actual cost or, in the case of an obligation, its amortized cost on 1 January 1972;
(b)  its market value on valuation day; or
(c)  the amount by which the aggregate of the proceeds of disposition, determined without taking account of sections 93.1 to 93.3 of the Taxation Act (chapter I-3), of capital property and of the amounts required to be deducted by section 257 of the said Act in computing the adjusted cost base to the taxpayer immediately before the disposition and of the amounts described in paragraph e of section 70 and relevant to such computation at that time, exceeds the aggregate of the amounts required to be included by section 255 of the said Act, without taking account of its paragraphs c.1 and f.1, in such computation at the same time and of the amounts described in paragraph b of section 70 and relevant to that computation at the same time.
However, if the amounts determined under more than one of paragraphs a to c are identical, such identical amount is then deemed to be the cost of the capital property to the taxpayer.
Likewise, in computing the adjusted cost base of such capital property at a particular time before it is disposed of by the taxpayer, the cost of the capital property is the cost that would be determined under this section as if he had disposed of it at that time and as if the proceeds of disposition had been equal to its fair market value at the same time.
1972, c. 24, s. 71; 1973, c. 17, s. 150; 1984, c. 15, s. 246; 1986, c. 19, s. 208.
68. In computing the adjusted cost base of any capital property that was owned by the taxpayer on 31 December 1971 and thereafter without interruption until such time as he disposes of it, the cost to him of such capital property is deemed to be the amount that is neither the greatest nor the least of the following three amounts, namely:
(a)  its actual cost or, in the case of an obligation, its amortized cost on 1 January 1972;
(b)  its market value on valuation day; or
(c)  the amount by which the aggregate of the proceeds of disposition of capital property and of the amounts required to be deducted by section 257 of the Taxation Act (chapter I-3) in computing the adjusted cost base to the taxpayer immediately before the disposition and of the amounts described in paragraph e of section 70 and relevant to such computation at that time, exceeds the aggregate of the amounts required to be included by section 255 of the said Act, without taking account of its paragraphs c.1 and f.1, in such computation at the same time and of the amounts described in paragraph b of section 70 and relevant to that computation at the same time.
However, if the amounts determined under more than one of paragraphs a to c are identical, such identical amount is then deemed to be the cost of the capital property to the taxpayer.
Likewise, in computing the adjusted cost base of such capital property at a particular time before it is disposed of by the taxpayer, the cost of the capital property is the cost that would be determined under this section as if he had disposed of it at that time and as if the proceeds of disposition had been equal to its fair market value at the same time.
1972, c. 24, s. 71; 1973, c. 17, s. 150; 1984, c. 15, s. 246.
68. In computing the adjusted cost base of any capital property that was owned by the taxpayer on 31 December 1971 and thereafter without interruption until such time as he disposes of it, the cost to him of such capital property is deemed to be the amount that is neither the greatest nor the least of the following three amounts, namely:
(a)  its actual cost or, in the case of an obligation, its amortized cost on 1 January 1972;
(b)  its market value on valuation day; or
(c)  the amount by which the aggregate of the proceeds of disposition of capital property and of the amounts required to be deducted by section 257 of the Taxation Act in computing the adjusted cost base to the taxpayer immediately before the disposition and of the amounts described in paragraph e of section 70 and relevant to such computation at that time, exceeds the aggregate of the amounts required to be included by section 255 of the said act in such computation at the same time and of the amounts described in paragraph b of section 70 and relevant to that computation at the same time.
However, if the amounts determined under more than one of paragraphs a to c are identical, such identical amount is then deemed to be the cost of the capital property to the taxpayer.
Likewise, in computing the adjusted cost base of such capital property at a particular time before it is disposed of by the taxpayer, the cost of the capital property is the cost that would be determined under this section as if he had disposed of it at that time and as if the proceeds of disposition had been equal to its fair market value at the same time.
1972, c. 24, s. 71; 1973, c. 17, s. 150.
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