Definitions and interpretation
 8. (1) In this Part, “excluded mark-to-market property” means, in respect of a corporation, property held by the corporation, (a) in respect of which mark-to-market changes from the beginning to the end of a taxation year of the corporation would be reflected in the calculation of the corporation’s income for the year under subdivision a of Division B of Part III of the Ontario Act if the property were held by the corporation throughout the taxation year, or (b) that is denominated in a foreign currency and in respect of which any change in the value of that currency relative to Canadian currency from the beginning to the end of a taxation year of the corporation would be reflected in the calculation of the corporation’s income for the year under subdivision a of Division B of Part III of the Ontario Act if the property were held by the corporation throughout the taxation year; “exempt event” means, in respect of a corporation, (a) a disposition of property by the corporation where, (i) the property is an eligible property for the purposes of subsection 85 (1) of the Federal Act and a joint election in respect of the disposition is made, (A) under subsection 85 (1) of the Federal Act, and (B) under subsection 60 (1) of the Ontario Act, (ii) the property is an eligible property for the purposes of subsection 85 (1) of the Federal Act that is described in paragraph 85 (2) (a) of that Act and a joint election in respect of the disposition is made, (A) under subsection 85 (2) of the Federal Act, and (B) under subsection 60 (2) of the Ontario Act, (iii) the property is a share of the capital stock of a taxable Canadian corporation and, (A) section 85.1 of the Federal Act applies in respect of the disposition, and (B) a joint election in respect of the disposition is made under subsection 60 (1) of the Ontario Act, or (iv) the property is property referred to in subsection 97 (2) of the Federal Act and a joint election in respect of the disposition is made under that subsection of the Federal Act and under subsection 60 (2) of the Ontario Act, (b) a disposition of property by the corporation where the proceeds of disposition of the property are determined under subsection 13 (4) or 14 (6) of the Federal Act or under section 44 of that Act and an election in respect of the disposition is made under subsection 61 (1) of the Ontario Act, (c) the receipt by the corporation of a property referred to in paragraph 88 (1) (a) of the Federal Act in connection with a winding-up to which section 88 of the Federal Act applies, or (d) the receipt by the corporation of property as a consequence of an amalgamation of two or more corporations to which section 87 of the Federal Act applies; “fair value” means, in respect of property of a corporation, the amount determined in accordance with generally accepted accounting principles that is the fair value of the property to the corporation, expressed in Canadian currency; “mark-to-market changes” means, with respect to a specified mark-to-market property or excluded mark-to-market property held by a corporation, changes in the fair value of the property that occur after the corporation acquires the property and before the corporation disposes of the property; “specified mark-to-market property” means, in respect of a corporation, property, other than excluded mark-to-market property, held by the corporation, (a) in respect of which, under generally accepted accounting principles, any mark-to-market changes from the beginning to the end of a taxation year of the corporation would be reflected in the calculation of the corporation’s net income for the taxation year for the purposes of Division C of Part III of the Ontario Act if the property were held by the corporation throughout the taxation year, or (b) that is denominated in a foreign currency and in respect of which, under generally accepted accounting principles, any change in the value of that currency relative to Canadian currency from the beginning to the end of a taxation year of the corporation would be reflected in the calculation of the corporation’s net income for the taxation year for the purposes of Division C of Part III of the Ontario Act if the property were held by the corporation throughout the taxation year.  O. Reg. 37/09, s. 8 (1). (2) In subsection (1), “Ontario Act” means the Taxation Act, 2007.  O. Reg. 37/09, s. 8 (2). (3) A disposition that is deemed to be made for the purposes of the Federal Act is a disposition for the purposes of this Part.  O. Reg. 37/09, s. 8 (3). (4) For the purposes of this Part and subject to any necessary modifications, unless the context requires otherwise, (a) references to corporations include partnerships having members that are corporations; and (b) references to taxation years of corporations include fiscal periods of partnerships that have members that are corporations.  O. Reg. 37/09, s. 8 (4).