Versions of s. 148(7)(f)(iv)

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.

2017-12-14 to present available View Source

if any consideration given for the interest includes a share of the capital stock of a corporation, the share (or a share substituted for the share) is disposed of (referred to in this subparagraph as the share disposition) after March 21, 2016 by a taxpayer and subsection 84.1(1) applies in respect of the share disposition, then for the purposes of applying section 84.1, the adjusted cost base to the taxpayer of the share immediately before the share disposition is to be reduced by the amount determined by the formula(A − B x A/C)/D where A is the total of all amounts each of which is the fair market value at the disposition time of a share of that capital stock given as consideration for the interest, B is the greater of the amount determined under subparagraph 148(7)(a)(i) in respect of the disposition and the adjusted cost basis to the policyholder of the interest immediately before the disposition, C is the fair market value at the disposition time of the consideration, if any, given for the interest, and D is the total number of shares of that capital stock given as consideration for the interest.

Full text

if any consideration given for the interest includes a share of the capital stock of a corporation, the share (or a share substituted for the share) is disposed of (referred to in this subparagraph as the share disposition) after March 21, 2016 by a taxpayer and subsection 84.1(1) applies in respect of the share disposition, then for the purposes of applying section 84.1, the adjusted cost base to the taxpayer of the share immediately before the share disposition is to be reduced by the amount determined by the formula(A − B x A/C)/D where A is the total of all amounts each of which is the fair market value at the disposition time of a share of that capital stock given as consideration for the interest, B is the greater of the amount determined under subparagraph 148(7)(a)(i) in respect of the disposition and the adjusted cost basis to the policyholder of the interest immediately before the disposition, C is the fair market value at the disposition time of the consideration, if any, given for the interest, and D is the total number of shares of that capital stock given as consideration for the interest.
2016-12-15 to 2017-12-14 View Source

if any consideration given for the interest includes a share of the capital stock of a corporation, the share (or a share substituted for the share) is disposed of (referred to in this subparagraph as the share disposition) after March 21, 2016 by a taxpayer and subsection 84.1(1) applies in respect of the share disposition, then for the purposes of applying section 84.1, the adjusted cost base to the taxpayer of the share immediately before the share disposition is to be reduced by the amount determined by the formula(A − B x A/C)/D where A is the total of all amounts each of which is the fair market value at the disposition time of a share of that capital stock given as consideration for the interest, B is the greater of the amount determined under subparagraph 148(7)(a)(i) in respect of the disposition and the adjusted cost basis to the policyholder of the interest immediately before the disposition, C is the fair market value at the disposition time of the consideration, if any, given for the interest, and D is the total number of shares of that capital stock given as consideration for the interest.