Versions of s. 53(1)(p)

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

where the time is after 2004 and the property is an interest in or a share of the capital stock of a flow-through entity (within the meaning assigned by subsection 39.1(1)), the amount determined by the formula A × B/C where A is the amount, if any, that would, if the definition exempt capital gains balance in subsection 39.1(1) were read without reference to “that ends before 2005”, be the taxpayer’s exempt capital gains balance in respect of the entity for the taxpayer’s 2005 taxation year, B is the fair market value at that time of the property, and C is the fair market value at that time of all the taxpayer’s interests in or shares of the capital stock of the entity;

Full text

where the time is after 2004 and the property is an interest in or a share of the capital stock of a flow-through entity (within the meaning assigned by subsection 39.1(1)), the amount determined by the formula A × B/C where A is the amount, if any, that would, if the definition exempt capital gains balance in subsection 39.1(1) were read without reference to “that ends before 2005”, be the taxpayer’s exempt capital gains balance in respect of the entity for the taxpayer’s 2005 taxation year, B is the fair market value at that time of the property, and C is the fair market value at that time of all the taxpayer’s interests in or shares of the capital stock of the entity;
2004-08-31 to 2017-12-14 View Source

where the time is after 2004 and the property is an interest in or a share of the capital stock of a flow-through entity (within the meaning assigned by subsection 39.1(1)), the amount determined by the formula A × B/C where A is the amount, if any, that would, if the definition exempt capital gains balance in subsection 39.1(1) were read without reference to “that ends before 2005”, be the taxpayer’s exempt capital gains balance in respect of the entity for the taxpayer’s 2005 taxation year, B is the fair market value at that time of the property, and C is the fair market value at that time of all the taxpayer’s interests in or shares of the capital stock of the entity;