Income Tax Act — I-3.3 70
debtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), (c) partnership interests or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), or (d) properties described in any of paragraphs (a) to (c); ( participation dans une société de personnes agricole ou de pêche familiale ) interest in a family farm partnership [Repealed, 2014, c. 39, s. 13] interest in a family fishing partnership [Repealed, 2014, c. 39, s. 13] share of the capital stock of a family farm corporation [Repealed, 2014, c. 39, s. 13] share of the capital stock of a family farm or fishing corporation , of an individual at any time, means a share of the capital stock of a corporation owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to (a) property that has been used principally in the course of carrying on a farming or fishing business in Canada in which the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual was actively engaged on a regular and continuous basis (or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot), by (i) the corporation, (ii) a corporation, a share of the capital stock of which was a share of the capital stock of a family farm or fishing corporation of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (iii) a corporation controlled by a corporation described in subparagraph (i) or (ii), (iv) a partnership, a partnership interest in which was an interest in a family farm or fishing partnership of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, or (v) the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (b) shares of the capital stock or indebtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), (c) partnership interests or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), or (d) properties described in any of paragraphs (a) to (c). ( action du capital-actions d’une société agricole ou de pêche familiale ) share of the capital stock of a family fishing corporation [Repealed, 2014, c. 39, s. 13] Application of s. 138(12) (11) The definitions in subsection 138(12) apply to this section. Value of NISA (12) For the purpose of the definition share of the capital stock of a family farm or fishing corporation in subsection (10), the fair market value of a net income stabilization account is deemed to be nil. Capital cost of certain depreciable property (13) For the purposes of this section and, where a provision of this section (other than this subsection) applies, for the purposes of sections 13 and 20 (but not for the purposes of any regulation made for the purpose of paragraph 20(1)(a)), (a) the capital cost to a taxpayer of depreciable property of a prescribed class disposed of immediately before the taxpayer’s death, or (b) the capital cost to a trust, to which subsection 70(9.1) applies, of depreciable property of a prescribed class disposed of immediately before the death of the spouse or common-law partner described in that subsection, shall, in respect of property that was not disposed of by the taxpayer or the trust before that time, be the amount that it would be if subsection 13(7) were