Versions of s. 39.1(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.

2017-01-01 to present available View Source

Where at any time after February 22, 1994 an individual disposes of an interest in or a share of the capital stock of a flow-through entity, the individual’s capital gain, if any, otherwise determined for a taxation year from the disposition shall be reduced by such amount as the individual claims, not exceeding the amount determined by the formula A - B - C where A is the exempt capital gains balance of the individual for the year in respect of the entity, B is if the entity made a designation under subsection 104(21) in respect of the individual for the year, twice the amount, if any, claimed under subsection 39.1(3) by the individual for the year in respect of the entity, if the entity is a partnership, twice the ~~total of the~~ amount, if any, claimed under subsection ~~39.1(4) by the individual for the year in respect of the entity, and the amount, if any, claimed under subsection 39.1(5)~~(4) by the individual for the year in respect of the entity, and in any other case, the amount, if any, claimed under subsection 39.1(6) by the individual for the year in respect of the entity, and C is the total of all reductions under this subsection in the individual’s capital gains otherwise determined for the year from the disposition of other interests in or shares of the capital stock of the entity.

Full text

Where at any time after February 22, 1994 an individual disposes of an interest in or a share of the capital stock of a flow-through entity, the individual’s capital gain, if any, otherwise determined for a taxation year from the disposition shall be reduced by such amount as the individual claims, not exceeding the amount determined by the formula A - B - C where A is the exempt capital gains balance of the individual for the year in respect of the entity, B is if the entity made a designation under subsection 104(21) in respect of the individual for the year, twice the amount, if any, claimed under subsection 39.1(3) by the individual for the year in respect of the entity, if the entity is a partnership, twice the amount, if any, claimed under subsection (4) by the individual for the year in respect of the entity, and in any other case, the amount, if any, claimed under subsection 39.1(6) by the individual for the year in respect of the entity, and C is the total of all reductions under this subsection in the individual’s capital gains otherwise determined for the year from the disposition of other interests in or shares of the capital stock of the entity.
2004-08-31 to 2017-01-01 View Source

Where at any time after February 22, 1994 an individual disposes of an interest in or a share of the capital stock of a flow-through entity, the individual’s capital gain, if any, otherwise determined for a taxation year from the disposition shall be reduced by such amount as the individual claims, not exceeding the amount determined by the formula A - B - C where A is the exempt capital gains balance of the individual for the year in respect of the entity, B is if the entity made a designation under subsection 104(21) in respect of the individual for the year, twice the amount, if any, claimed under subsection 39.1(3) by the individual for the year in respect of the entity, if the entity is a partnership, twice the total of the amount, if any, claimed under subsection 39.1(4) by the individual for the year in respect of the entity, and the amount, if any, claimed under subsection 39.1(5) by the individual for the year in respect of the entity, and in any other case, the amount, if any, claimed under subsection 39.1(6) by the individual for the year in respect of the entity, and C is the total of all reductions under this subsection in the individual’s capital gains otherwise determined for the year from the disposition of other interests in or shares of the capital stock of the entity.