I-3 - Taxation Act

Section 567 Disposition versions

2006-03-01

567. For the purposes of computing for the corporation, at the time immediately before the particular time referred to in section 566, its capital dividend account, its capital gains dividend account and its pre-1972 capital surplus on hand within the meaning of the regulations, the taxation year of the corporation that would normally include the particular time is deemed to have ended immediately before the time of computation and a new taxation year to have commenced at the time of computation; furthermore, the corporation is deemed to have disposed immediately before the end of the taxation year so deemed to have ended, of each property distributed to shareholders at the particular time for proceeds equal to the fair market value thereof immediately before the particular time.

1973, c. 17, s. 65; 1975, c. 22, s. 144; 1978, c. 26, s. 104; 1996, c. 39, s. 273; 1997, c. 3, s. 71.