Versions of s. 112(5.2)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2018-12-13 to present available View Source

Subject to subsection 112(5.3), where subsection 112(5) or 112(5.1) provides that this subsection applies to the disposition of a share by a taxpayer at any time, the taxpayer’s proceeds of disposition shall be deemed to be the amount determined by the formula A + B - (C - D) where A is the taxpayer’s proceeds determined without reference to this subsection, B is if the taxpayer received a dividend under subsection 84(3) in respect of the share, the total determined under subparagraph (b)(ii), and in any other case, the lesser of the loss, if any, from the disposition of the share that would be determined before the application of this subsection if the cost of the share to any taxpayer were determined without reference to paragraphs 87(2)(e.2) and ~~87(2)(e.4),~~(e.4), 88(1)(c), 138(11.5)(e) and 142.5(2)(b), subsection 85(1), where the provisions of that subsection are required by paragraph 138(11.5)(e) to be applied, and paragraph 142.6(1)(d), and the total of all amounts each of which is where the taxpayer is a corporation, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxpayer’s taxable income or taxable income earned in Canada for any taxation year, where the taxpayer is a partnership, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxable income or taxable income earned in Canada for any taxation year of members of the partnership, where the taxpayer is a trust, an amount designated under subsection 104(19) in respect of a taxable dividend on the share, or a dividend (other than a taxable dividend) received by the taxpayer on the share, C is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were increased because of this subsection, where the taxpayer is a corporation or trust, a loss of the taxpayer on a deemed disposition of the share before that time was reduced because of subsection 112(3), 112(3.2), 112(4) or 112(4.2), or where the taxpayer is a partnership, a loss of a member of the partnership on a deemed disposition of the share before that time was reduced because of subsection ~~112(3.1)~~(3.1) or ~~112(4.2),~~(4), and D is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were decreased because of this subsection.

Full text

Subject to subsection 112(5.3), where subsection 112(5) or 112(5.1) provides that this subsection applies to the disposition of a share by a taxpayer at any time, the taxpayer’s proceeds of disposition shall be deemed to be the amount determined by the formula A + B - (C - D) where A is the taxpayer’s proceeds determined without reference to this subsection, B is if the taxpayer received a dividend under subsection 84(3) in respect of the share, the total determined under subparagraph (b)(ii), and in any other case, the lesser of the loss, if any, from the disposition of the share that would be determined before the application of this subsection if the cost of the share to any taxpayer were determined without reference to paragraphs 87(2)(e.2) and (e.4), 88(1)(c), 138(11.5)(e) and 142.5(2)(b), subsection 85(1), where the provisions of that subsection are required by paragraph 138(11.5)(e) to be applied, and paragraph 142.6(1)(d), and the total of all amounts each of which is where the taxpayer is a corporation, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxpayer’s taxable income or taxable income earned in Canada for any taxation year, where the taxpayer is a partnership, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxable income or taxable income earned in Canada for any taxation year of members of the partnership, where the taxpayer is a trust, an amount designated under subsection 104(19) in respect of a taxable dividend on the share, or a dividend (other than a taxable dividend) received by the taxpayer on the share, C is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were increased because of this subsection, where the taxpayer is a corporation or trust, a loss of the taxpayer on a deemed disposition of the share before that time was reduced because of subsection 112(3), 112(3.2), 112(4) or 112(4.2), or where the taxpayer is a partnership, a loss of a member of the partnership on a deemed disposition of the share before that time was reduced because of subsection (3.1) or (4), and D is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were decreased because of this subsection.
2004-08-31 to 2018-12-13 View Source

Subject to subsection 112(5.3), where subsection 112(5) or 112(5.1) provides that this subsection applies to the disposition of a share by a taxpayer at any time, the taxpayer’s proceeds of disposition shall be deemed to be the amount determined by the formula A + B - (C - D) where A is the taxpayer’s proceeds determined without reference to this subsection, B is the lesser of the loss, if any, from the disposition of the share that would be determined before the application of this subsection if the cost of the share to any taxpayer were determined without reference to paragraphs 87(2)(e.2) and 87(2)(e.4), 88(1)(c), 138(11.5)(e) and 142.5(2)(b), subsection 85(1), where the provisions of that subsection are required by paragraph 138(11.5)(e) to be applied, and paragraph 142.6(1)(d), and the total of all amounts each of which is where the taxpayer is a corporation, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxpayer’s taxable income or taxable income earned in Canada for any taxation year, where the taxpayer is a partnership, a taxable dividend received by the taxpayer on the share, to the extent of the amount that was deductible under this section or subsection 115(1) or 138(6) in computing the taxable income or taxable income earned in Canada for any taxation year of members of the partnership, where the taxpayer is a trust, an amount designated under subsection 104(19) in respect of a taxable dividend on the share, or a dividend (other than a taxable dividend) received by the taxpayer on the share, C is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were increased because of this subsection, where the taxpayer is a corporation or trust, a loss of the taxpayer on a deemed disposition of the share before that time was reduced because of subsection 112(3), 112(3.2), 112(4) or 112(4.2), or where the taxpayer is a partnership, a loss of a member of the partnership on a deemed disposition of the share before that time was reduced because of subsection 112(3.1) or 112(4.2), and D is the total of all amounts each of which is the amount by which the taxpayer’s proceeds of disposition on a deemed disposition of the share before that time were decreased because of this subsection.