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Versions of s. 34.2(5)(b)

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.

  1. 2013-12-12 to present available View Source
    a corporationcorporation’s capital dividend account, as defined in subsection 89(1), is deemedto be determined without reference to havethis realized at the end of a taxation year an allowable capital loss equal to the amount determined by the formula A – (B – C) where A is the amount deductible by the corporation under subsection (4) for the year in respect of taxable capital gains of a partnership, B is the amount that is the total of all taxable capital gains allocated by the partnership to the corporation for the year, the amount included in the corporation’s income under subsection (2) for the year in respect of taxable capital gains of the partnership,section; and the amount included in the corporation’s income under subsection (12) for the year in respect of taxable capital gains of the partnership, and C is the amount, if any, that is the lesser of the amount that is the total of all allowable capital losses allocated by the partnership to the corporation for the year, and the amount determined under subparagraph (i) of the description of B.
    Full text

    a corporation’s capital dividend account, as defined in subsection 89(1), is to be determined without reference to this section; and

  2. 2011-12-15 to 2013-12-12 View Source

    a corporation is deemed to have realized at the end of a taxation year an allowable capital loss equal to the amount determined by the formula A – (B – C) where A is the amount deductible by the corporation under subsection (4) for the year in respect of taxable capital gains of a partnership, B is the amount that is the total of all taxable capital gains allocated by the partnership to the corporation for the year, the amount included in the corporation’s income under subsection (2) for the year in respect of taxable capital gains of the partnership, and the amount included in the corporation’s income under subsection (12) for the year in respect of taxable capital gains of the partnership, and C is the amount, if any, that is the lesser of the amount that is the total of all allowable capital losses allocated by the partnership to the corporation for the year, and the amount determined under subparagraph (i) of the description of B.