Versions of s. 55(1), definition “distribution”

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.

2016-06-22 to present available View Source

distribution means a direct or indirect transfer of property of a corporation (referred to in this section as the “distributing corporation”) to one or more corporations (each of which is referred to in this section as a “transferee corporation”) where, in respect of each type of property owned by the distributing corporation immediately before the transfer, each transferee corporation receives property of that type the fair market value of which is equal to or approximates the amount determined by the formula A × B/C where A is the fair market value, immediately before the transfer, of all property of that type owned at that time by the distributing corporation, B is the fair market value, immediately before the transfer, of all the shares of the capital stock of the distributing corporation owned at that time by the transferee corporation, and C is the fair market value, immediately before the transfer, of all the issued shares of the capital stock of the distributing corporation; (attribution)

Full text

distribution means a direct or indirect transfer of property of a corporation (referred to in this section as the “distributing corporation”) to one or more corporations (each of which is referred to in this section as a “transferee corporation”) where, in respect of each type of property owned by the distributing corporation immediately before the transfer, each transferee corporation receives property of that type the fair market value of which is equal to or approximates the amount determined by the formula A × B/C where A is the fair market value, immediately before the transfer, of all property of that type owned at that time by the distributing corporation, B is the fair market value, immediately before the transfer, of all the shares of the capital stock of the distributing corporation owned at that time by the transferee corporation, and C is the fair market value, immediately before the transfer, of all the issued shares of the capital stock of the distributing corporation; (attribution)
2004-08-31 to 2016-06-22 View Source

distribution means a direct or indirect transfer of property of a corporation (referred to in this section as the “distributing corporation”) to one or more corporations (each of which is referred to in this section as a “transferee corporation”) where, in respect of each type of property owned by the distributing corporation immediately before the transfer, each transferee corporation receives property of that type the fair market value of which is equal to or approximates the amount determined by the formula A × B/C where A is the fair market value, immediately before the transfer, of all property of that type owned at that time by the distributing corporation, B is the fair market value, immediately before the transfer, of all the shares of the capital stock of the distributing corporation owned at that time by the transferee corporation, and C is the fair market value, immediately before the transfer, of all the issued shares of the capital stock of the distributing corporation;