Versions of s. 53(1)(r)

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 the time is before 2005, the property is an interest in, or a share of the capital stock of, a flow-through entity described in any of paragraphs (a) to (f) and (h) of the definition flow-through entity in subsection 39.1(1) and immediately after that time the taxpayer disposed of all their interests in, and shares of the capital stock of, the entity, the amount determined by the formula A × B/C where A is the amount, if any, by which the taxpayer’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the entity for the taxpayer’s taxation year that includes that time exceeds the total of all amounts each of which is the amount by which a capital gain is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, or twice an amount by which a taxable capital gain, or the income from a business, is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, 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, and shares of the capital stock of, the entity;

Full text

if the time is before 2005, the property is an interest in, or a share of the capital stock of, a flow-through entity described in any of paragraphs (a) to (f) and (h) of the definition flow-through entity in subsection 39.1(1) and immediately after that time the taxpayer disposed of all their interests in, and shares of the capital stock of, the entity, the amount determined by the formula A × B/C where A is the amount, if any, by which the taxpayer’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the entity for the taxpayer’s taxation year that includes that time exceeds the total of all amounts each of which is the amount by which a capital gain is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, or twice an amount by which a taxable capital gain, or the income from a business, is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, 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, and shares of the capital stock of, the entity;
2013-12-12 to 2017-12-14 View Source

~~where~~if the time is before 2005, the property is an interest in, or a share of the capital stock of, a flow-through entity described in any of paragraphs (a) to (f) and (h) of the definition flow-through entity in subsection 39.1(1) and immediately after that time the taxpayer disposed of all ~~of the taxpayer’s~~their interests in, and shares of the capital stock of, the entity, the amount determined by the formula A × B/C where A is the amount, if any, by which the taxpayer’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the entity for the taxpayer’s taxation year that includes that time exceeds the total of all amounts each of which is the amount by which a capital gain is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, or twice an amount by which a taxable capital gain, or the income from a business, is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, 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, and shares of the capital stock of, the ~~entity.~~entity;

Full text

if the time is before 2005, the property is an interest in, or a share of the capital stock of, a flow-through entity described in any of paragraphs (a) to (f) and (h) of the definition flow-through entity in subsection 39.1(1) and immediately after that time the taxpayer disposed of all their interests in, and shares of the capital stock of, the entity, the amount determined by the formula A × B/C where A is the amount, if any, by which the taxpayer’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the entity for the taxpayer’s taxation year that includes that time exceeds the total of all amounts each of which is the amount by which a capital gain is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, or twice an amount by which a taxable capital gain, or the income from a business, is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, 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, and shares of the capital stock of, the entity;
2004-08-31 to 2013-12-12 View Source

where the time is before 2005, the property is an interest in, or a share of the capital stock of, a flow-through entity described in any of paragraphs (a) to (f) of the definition flow-through entity in subsection 39.1(1) and immediately after that time the taxpayer disposed of all of the taxpayer’s interests in, and shares of the capital stock of, the entity, the amount determined by the formula A × B/C where A is the amount, if any, by which the taxpayer’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the entity for the taxpayer’s taxation year that includes that time exceeds the total of all amounts each of which is the amount by which a capital gain is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, or twice an amount by which a taxable capital gain, or the income from a business, is reduced under section 39.1 for the year because of the taxpayer’s exempt capital gains balance in respect of the entity, 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, and shares of the capital stock of, the entity.