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Versions of s. 160(5)(c)(ii)

I-3.3 — Income Tax Act · 1 version · View current text

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

  1. 2022-12-15 to present available View Source

    the amount determined by the formula A − B where A is the fair market value of the property at the time of the transfer, and B is the lowest fair market value of the consideration (that is held by the transferor) given for the property at any time during the period beginning immediately prior to the transaction or series of transactions and ending immediately after the transaction or series of transactions, or if the consideration is in a form that is cancelled or extinguished during the period referred to in clause (A), the amount that is the lowest of the amount determined in clause (A) and the fair market value during the period of any property, other than property that is cancelled or extinguished during the period, that is substituted for the consideration referred to in clause (A), or if there is no property that is substituted for the consideration referred to in clause (A), other than property cancelled or extinguished during the period, nil.