Versions of s. 148(4)

I-3.3 — Income Tax Act · 3 versions · View current text

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

2017-12-14 to present available View Source

If a taxpayer disposes (other than because of paragraph (2)(a) or as described in paragraph (b) of the definition disposition in subsection (9)) of a part of the taxpayer’s interest in a life insurance policy (other than an annuity contract) last acquired after December 1, 1982 or an annuity contract, the adjusted cost basis to the taxpayer, immediately before the disposition, of the part is the amount determined by the formula A × B/C where A is the adjusted cost basis to the taxpayer of the taxpayer’s interest immediately before the disposition, B is the proceeds of the disposition, and C is if the policy is a policy (other than an annuity contract) issued after 2016, the amount determined by the formula D – E where D is the interest’s cash surrender value immediately before the disposition, and E is the total of all amounts each of which is an amount payable, immediately before the disposition, by the taxpayer in respect of a policy loan in respect of the policy, and in any other case, the accumulating fund with respect to the taxpayer’s interest, as determined in prescribed manner, immediately before the disposition.

Full text

If a taxpayer disposes (other than because of paragraph (2)(a) or as described in paragraph (b) of the definition disposition in subsection (9)) of a part of the taxpayer’s interest in a life insurance policy (other than an annuity contract) last acquired after December 1, 1982 or an annuity contract, the adjusted cost basis to the taxpayer, immediately before the disposition, of the part is the amount determined by the formula A × B/C where A is the adjusted cost basis to the taxpayer of the taxpayer’s interest immediately before the disposition, B is the proceeds of the disposition, and C is if the policy is a policy (other than an annuity contract) issued after 2016, the amount determined by the formula D – E where D is the interest’s cash surrender value immediately before the disposition, and E is the total of all amounts each of which is an amount payable, immediately before the disposition, by the taxpayer in respect of a policy loan in respect of the policy, and in any other case, the accumulating fund with respect to the taxpayer’s interest, as determined in prescribed manner, immediately before the disposition.
2014-12-16 to 2017-12-14 View Source

~~For the purpose of computing~~If a ~~taxpayer’s~~taxpayer ~~income from the disposition~~disposes (other than abecause ~~disposition deemed to have occurred under~~of paragraph ~~148(2)(a)~~(2)(a) or ~~a disposition~~as described in paragraph (b) of the definition disposition in subsection ~~148(9))~~(9)) of a part of the taxpayer’s interest in a life insurance policy (other than an annuity contract) last acquired after December 1, 1982 or an annuity contract, the adjusted cost basis to the taxpayer, immediately before the disposition, of the part is the ~~proportion~~amount ofdetermined by the formula A × B/C where A is the adjusted cost basis to the taxpayer of the taxpayer’s interest immediately before the ~~disposition~~disposition, ~~that~~B is the proceeds of the disposition, and C is if the policy is a policy (other than an annuity contract) issued after 2016, the amount determined by the formula D – E where D is the interest’s cash surrender value immediately before the disposition, and E is the total of all amounts each of which is an amount payable, immediately before the disposition, by the taxpayer in respect of a policy loan in respect of the policy, and in any other case, the accumulating fund with respect to the taxpayer’s interest, as determined in prescribed manner, immediately before the disposition.

Full text

If a taxpayer disposes (other than because of paragraph (2)(a) or as described in paragraph (b) of the definition disposition in subsection (9)) of a part of the taxpayer’s interest in a life insurance policy (other than an annuity contract) last acquired after December 1, 1982 or an annuity contract, the adjusted cost basis to the taxpayer, immediately before the disposition, of the part is the amount determined by the formula A × B/C where A is the adjusted cost basis to the taxpayer of the taxpayer’s interest immediately before the disposition, B is the proceeds of the disposition, and C is if the policy is a policy (other than an annuity contract) issued after 2016, the amount determined by the formula D – E where D is the interest’s cash surrender value immediately before the disposition, and E is the total of all amounts each of which is an amount payable, immediately before the disposition, by the taxpayer in respect of a policy loan in respect of the policy, and in any other case, the accumulating fund with respect to the taxpayer’s interest, as determined in prescribed manner, immediately before the disposition.
2004-08-31 to 2014-12-16 View Source

For the purpose of computing a taxpayer’s income from the disposition (other than a disposition deemed to have occurred under paragraph 148(2)(a) or a disposition described in paragraph (b) of the definition disposition in subsection 148(9)) of a part of the taxpayer’s interest in a life insurance policy (other than an annuity contract) last acquired after December 1, 1982 or an annuity contract, the adjusted cost basis to the taxpayer, immediately before the disposition, of the part is the proportion of the adjusted cost basis to the taxpayer of the taxpayer’s interest immediately before the disposition that