Versions of s. 80(11)

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

~~Where~~If a commercial obligation issued by a debtor is settled at any time in a taxation year and amounts have been designated by the debtor under subsections ~~80(5),~~(5), ~~80(7),~~(8), ~~80(8), 80(9)~~(9) and ~~80(10)~~(10) to the maximum extent permitted in respect of the settlement, subject to subsection ~~80(18)~~(18) the remaining unapplied portion of that forgiven amount shall be applied (to the extent that it is designated in a prescribed form filed with the debtor’s return of income under this Part for the year) to reduce immediately after that time the adjusted cost bases to the debtor of

Full text

If a commercial obligation issued by a debtor is settled at any time in a taxation year and amounts have been designated by the debtor under subsections (5), (8), (9) and (10) to the maximum extent permitted in respect of the settlement, subject to subsection (18) the remaining unapplied portion of that forgiven amount shall be applied (to the extent that it is designated in a prescribed form filed with the debtor’s return of income under this Part for the year) to reduce immediately after that time the adjusted cost bases to the debtor of
2004-08-31 to 2017-01-01 View Source

Where a commercial obligation issued by a debtor is settled at any time in a taxation year and amounts have been designated by the debtor under subsections 80(5), 80(7), 80(8), 80(9) and 80(10) to the maximum extent permitted in respect of the settlement, subject to subsection 80(18) the remaining unapplied portion of that forgiven amount shall be applied (to the extent that it is designated in a prescribed form filed with the debtor’s return of income under this Part for the year) to reduce immediately after that time the adjusted cost bases to the debtor of