Versions of s. 80(1), definition “forgiven amount”

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

forgiven amount at any time in respect of a commercial obligation issued by a debtor is the amount determined by the formula A - B where A is the lesser of the amount for which the obligation was issued and the principal amount of the obligation, and B is the total of the amount, if any, paid at that time in satisfaction of the principal amount of the obligation, the amount, if any, included under paragraph 6(1)(a) or subsection 15(1) in computing the income of any person because of the settlement of the obligation at that time, the amount, if any, deducted at that time under paragraph 18(9.3)(f) in computing the forgiven amount in respect of the obligation, the capital gain, if any, of the debtor resulting from the application of subsection 39(3) to the purchase at that time of the obligation by the debtor, such portion of the principal amount of the obligation as relates to an amount renounced under subsection 66(10), 66(10.1), 66(10.2) or 66(10.3) by the debtor, any portion of the principal amount of the obligation that is included in the amount determined for A, B, C or in subsection 79(3) in respect of the debtor for the taxation year of the debtor that includes that time or for a preceding taxation year, the total of all amounts each of which is a forgiven amount at a previous time that the obligation was deemed by subsection 80.01(8) or 80.01(9) to have been settled, such portion of the principal amount of the obligation as can reasonably be considered to have been included under section 80.4 in computing the debtor’s income for a taxation year that includes that time or for a preceding taxation year, where the debtor is a bankrupt at that time, the principal amount of the obligation, such portion of the principal amount of the obligation as represents the principal amount of an excluded obligation, where the debtor is a partnership and the obligation was, since the later of the creation of the partnership or the issue of the obligation, always payable to a member of the partnership actively engaged, on a regular, continuous and substantial basis, in those activities of the partnership that are other than the financing of the partnership business, the principal amount of the obligation, and the amount, if any, given at or before that time by the debtor to another person as consideration for the assumption by the other person of the obligation; (montant remis)

Full text

forgiven amount at any time in respect of a commercial obligation issued by a debtor is the amount determined by the formula A - B where A is the lesser of the amount for which the obligation was issued and the principal amount of the obligation, and B is the total of the amount, if any, paid at that time in satisfaction of the principal amount of the obligation, the amount, if any, included under paragraph 6(1)(a) or subsection 15(1) in computing the income of any person because of the settlement of the obligation at that time, the amount, if any, deducted at that time under paragraph 18(9.3)(f) in computing the forgiven amount in respect of the obligation, the capital gain, if any, of the debtor resulting from the application of subsection 39(3) to the purchase at that time of the obligation by the debtor, such portion of the principal amount of the obligation as relates to an amount renounced under subsection 66(10), 66(10.1), 66(10.2) or 66(10.3) by the debtor, any portion of the principal amount of the obligation that is included in the amount determined for A, B, C or in subsection 79(3) in respect of the debtor for the taxation year of the debtor that includes that time or for a preceding taxation year, the total of all amounts each of which is a forgiven amount at a previous time that the obligation was deemed by subsection 80.01(8) or 80.01(9) to have been settled, such portion of the principal amount of the obligation as can reasonably be considered to have been included under section 80.4 in computing the debtor’s income for a taxation year that includes that time or for a preceding taxation year, where the debtor is a bankrupt at that time, the principal amount of the obligation, such portion of the principal amount of the obligation as represents the principal amount of an excluded obligation, where the debtor is a partnership and the obligation was, since the later of the creation of the partnership or the issue of the obligation, always payable to a member of the partnership actively engaged, on a regular, continuous and substantial basis, in those activities of the partnership that are other than the financing of the partnership business, the principal amount of the obligation, and the amount, if any, given at or before that time by the debtor to another person as consideration for the assumption by the other person of the obligation; (montant remis)
2004-08-31 to 2017-01-01 View Source

forgiven amount at any time in respect of a commercial obligation issued by a debtor is the amount determined by the formula A - B where A is the lesser of the amount for which the obligation was issued and the principal amount of the obligation, and B is the total of the amount, if any, paid at that time in satisfaction of the principal amount of the obligation, the amount, if any, included under paragraph 6(1)(a) or subsection 15(1) in computing the income of any person because of the settlement of the obligation at that time, the amount, if any, deducted at that time under paragraph 18(9.3)(f) in computing the forgiven amount in respect of the obligation, the capital gain, if any, of the debtor resulting from the application of subsection 39(3) to the purchase at that time of the obligation by the debtor, such portion of the principal amount of the obligation as relates to an amount renounced under subsection 66(10), 66(10.1), 66(10.2) or 66(10.3) by the debtor, any portion of the principal amount of the obligation that is included in the amount determined for A, B, C or in subsection 79(3) in respect of the debtor for the taxation year of the debtor that includes that time or for a preceding taxation year, the total of all amounts each of which is a forgiven amount at a previous time that the obligation was deemed by subsection 80.01(8) or 80.01(9) to have been settled, such portion of the principal amount of the obligation as can reasonably be considered to have been included under section 80.4 in computing the debtor’s income for a taxation year that includes that time or for a preceding taxation year, where the debtor is a bankrupt at that time, the principal amount of the obligation, such portion of the principal amount of the obligation as represents the principal amount of an excluded obligation, where the debtor is a partnership and the obligation was, since the later of the creation of the partnership or the issue of the obligation, always payable to a member of the partnership actively engaged, on a regular, continuous and substantial basis, in those activities of the partnership that are other than the financing of the partnership business, the principal amount of the obligation, and the amount, if any, given at or before that time by the debtor to another person as consideration for the assumption by the other person of the obligation;