Versions of s. 40(11)

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 this subsection applies, the new gain is the positive amount, or the new loss is the negative amount, as the case may be, determined by the formula A + B – C where A is if the taxpayer would, but for any application of subsection 111(12), recognize a new gain, the amount of the new gain, determined without reference to this subsection, or if the taxpayer would, but for any application of subsection 111(12), recognize a new loss, the amount of the new loss, determined without reference to this subsection, multiplied by (–1); B is the total of all amounts each of which is that portion of the amount of a capital loss realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time; and C is the total of all amounts each of which is that portion of the amount of a gain realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time.

Full text

If this subsection applies, the new gain is the positive amount, or the new loss is the negative amount, as the case may be, determined by the formula A + B – C where A is if the taxpayer would, but for any application of subsection 111(12), recognize a new gain, the amount of the new gain, determined without reference to this subsection, or if the taxpayer would, but for any application of subsection 111(12), recognize a new loss, the amount of the new loss, determined without reference to this subsection, multiplied by (–1); B is the total of all amounts each of which is that portion of the amount of a capital loss realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time; and C is the total of all amounts each of which is that portion of the amount of a gain realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time.
2013-12-12 to 2017-12-14 View Source

If this subsection applies, the new gain is the positive amount, or the new loss is the negative amount, as the case may be, determined by the formula A + B – C where A is if the ~~corporation~~taxpayer would, but for any application of subsection 111(12), recognize a new gain, the amount of the new gain, determined without reference to this subsection, or if the ~~corporation~~taxpayer would, but for any application of subsection 111(12), recognize a new loss, the amount of the new loss, determined without reference to this subsection, multiplied by ~~(-1);~~(–1); B is the total of all amounts each of which is that portion of the amount of a capital loss realized by the ~~corporation~~taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, ~~(within~~(as ~~the~~defined ~~meaning assigned by~~in subsection 80(1)) in respect of the foreign currency debt at the particular time; and C is the total of all amounts each of which is that portion of the amount of a gain realized by the ~~corporation~~taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, ~~(within~~(as ~~the~~defined ~~meaning assigned by~~in subsection 80(1)) in respect of the foreign currency debt at the particular time.

Full text

If this subsection applies, the new gain is the positive amount, or the new loss is the negative amount, as the case may be, determined by the formula A + B – C where A is if the taxpayer would, but for any application of subsection 111(12), recognize a new gain, the amount of the new gain, determined without reference to this subsection, or if the taxpayer would, but for any application of subsection 111(12), recognize a new loss, the amount of the new loss, determined without reference to this subsection, multiplied by (–1); B is the total of all amounts each of which is that portion of the amount of a capital loss realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time; and C is the total of all amounts each of which is that portion of the amount of a gain realized by the taxpayer at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (as defined in subsection 80(1)) in respect of the foreign currency debt at the particular time.
2009-03-12 to 2013-12-12 View Source

If this subsection applies, the new gain is the positive amount, or the new loss is the negative amount, as the case may be, determined by the formula A + B – C where A is if the corporation would, but for any application of subsection 111(12), recognize a new gain, the amount of the new gain, determined without reference to this subsection, or if the corporation would, but for any application of subsection 111(12), recognize a new loss, the amount of the new loss, determined without reference to this subsection, multiplied by (-1); B is the total of all amounts each of which is that portion of the amount of a capital loss realized by the corporation at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (within the meaning assigned by subsection 80(1)) in respect of the foreign currency debt at the particular time; and C is the total of all amounts each of which is that portion of the amount of a gain realized by the corporation at any time before the particular time, in respect of the foreign currency debt and because of subsection 111(12), that is reasonably attributable to the relevant part of the foreign currency debt at the particular time, or the forgiven amount, if any, (within the meaning assigned by subsection 80(1)) in respect of the foreign currency debt at the particular time.