Income Tax Act — I-3.3 142.6
 time for proceeds equal to its fair market value at the time of disposition; and (b) to have reacquired the property at the particular time at a cost equal to those proceeds. Specified debt obligation marked to market (1.3) In applying subsection (1.1) to a taxpayer in respect of a property in a taxation year, (a) the definition mark-to-market property in subsection 142.2(1) shall be applied as if the year ended immediately before the particular time referred to in subsection (1.1); and (b) if the taxpayer does not have financial statements for the period ending immediately before the particular time referred to in subsection (1.1), references in the definition to financial statements for the year shall be read as references to the financial statements that it is reasonable to expect would have been prepared if the year had ended immediately before the particular time. Change in status — prescribed payment card corporation share (1.4) If, at any particular time in a taxation year of a taxpayer that is a financial institution for the taxation year, a property becomes a mark-to-market property of the taxpayer for the taxation year because it ceased, at the particular time, to be a prescribed payment card corporation share of the taxpayer, (a) the taxpayer is deemed (i) to have disposed of the property immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time, and (ii) to have acquired the property, at the particular time, at a cost equal to those proceeds; and (b) subsection 142.5(1) does not apply to the disposition under subparagraph (a)(i). Change in status — prescribed securities exchange investment (1.5) If, at any particular time in a taxation year of a taxpayer that is a financial institution for the taxation year, a property becomes a mark-to-market property of the taxpayer for the taxation year because it ceased, at the particular time, to be a prescribed securities exchange investment of the taxpayer, (a) the taxpayer is deemed (i) to have disposed of the property immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time, and (ii) to have acquired the property, at the particular time, at a cost equal to those proceeds; and (b) subsection 142.5(1) does not apply to the disposition under subparagraph (a)(i). Change in status — significant interest (1.6) If, at the end of a particular taxation year of a taxpayer that is a financial institution for the taxation year, the taxpayer holds a share of the capital stock of a corporation, the taxpayer has a significant interest in that corporation at any time in the particular taxation year and the share is mark-to-market property of the taxpayer for the immediately following taxation year, the taxpayer is deemed to have, (a) disposed of the share immediately before the end of the particular taxation year for proceeds of disposition equal to the fair market value, at that time, of the share; and (b) acquired the share at the end of the particular taxation year at a cost equal to those proceeds. Deemed disposition not applicable (2) For the purposes of this Act, the determination of when a taxpayer acquired a share shall be made without regard to a disposition or acquisition that occurred because of subsection 142.5(2) or subsection (1), (1.1), (1.2), (1.4), (1.5) or (1.6). Property not inventory (3) Where a taxpayer is a financial institution in a taxation year, inventory of the taxpayer in the year does not include property that is (a) a specified debt obligation (other than a mark-to-market property for the year); or (b) where the year begins after October 1994, a mark-to-market property for the year. Property that ceases to be inventory (4) Where a taxpayer that was a financial institution in its particular taxation year that includes February 23, 1994 held, on that day, a specified debt obligation (other than a mark-to-