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

Section 75 Disposition versions

1980-06-18

75. Where a corporation resident in Canada receives, after 1971, a stock dividend in respect of a share of the capital stock of a foreign affiliate of that corporation owned between 18 June 1971 and 31 December 1971 by the corporation or a corporation with which it was not dealing at arm’s length and the share received as a stock dividend is identical to the share in respect of which the stock dividend is received, the share so received is, at the option of the corporation, deemed to be, for the purposes of sections 69 and 70, capital property owned by it on 18 June 1971 and, for the purposes of paragraph c of section 68, section 73 and this section, capital property owned by it on 18 June 1971 and on 31 December 1971, and not to be property acquired by the corporation after 1971 for the purposes of paragraph d of section 73.

1977, c. 26, s. 118; 1980, c. 13, s. 120.

1977-12-31

75. Where a corporation resident in Canada receives, after 1971, a stock dividend in respect of a share owned by it on 31 December 1971 of the capital stock of a foreign affiliate of that corporation and the share received as the stock dividend is identical to the share in respect of which the stock dividend is received, the share so received is, at the option of the corporation, deemed to be capital property owned by it on 31 December 1971 for the purposes of paragraph c of section 68 and of section 73, and not to be property acquired by the corporation after 1971, for the purposes of paragraph c of section 73.

1977, c. 26, s. 118.