52 (1) In this section, “adjusted cost” means, (a) with respect to property of a transferee that is eligible capital property for the purposes of the Federal Act, three-quarters of the cost amount to the transferee of the property, as determined for the purposes of the Federal Act or the Corporations Tax Act, as the case may be, and (b) with respect to any other property of the transferee, the cost amount to the transferee of the property, as determined for the purposes of the Federal Act or the Corporations Tax Act, as the case may be; (“coût rajusté”) “adjusted proceeds” means, (a) with respect to property of a transferor that is eligible capital property for the purposes of the Federal Act, three-quarters of the transferor’s proceeds of disposition in respect of the property, as determined for the purposes of the Federal Act or the Corporations Tax Act, as the case may be, and (b) with respect to any other property of the transferor, the transferor’s proceeds of disposition in respect of the property, as determined for the purposes of the Federal Act or the Corporations Tax Act, as the case may be; (“produit rajusté”) “relevant time” means, in respect of a disposition of property, the time that is immediately after the disposition; (“moment pertinent”) “transferee” means a corporation that receives a property on a disposition by a transferor; (“cessionnaire”) “transferor” means a corporation that disposes of a property. (“cédant”)  2007, c. 11, Sched. A, s. 52 (1); 2008, c. 7, Sched. S, s. 13 (1). Addition to total federal balance and total Ontario balance (2) If all of the conditions set out in subsection (3) are satisfied, a transferee that receives property on a disposition by a transferor shall, (a) add the amount of the transferor’s adjusted proceeds in respect of the property, as determined under the Federal Act, in determining its total federal balance at the relevant time; and (b) add the amount of the transferor’s adjusted proceeds in respect of the property, as determined under the Corporations Tax Act, in determining its total Ontario balance at the relevant time.  2007, c. 11, Sched. A, s. 52 (2); 2008, c. 7, Sched. S, s. 13 (2). Same (3) For the purposes of subsection (2), the conditions are as follows: 1. The transferee and the transferor do not deal at arm’s length with each other at the time of the disposition. 2. The transferee was a specified corporation at its transition time. 3. The relevant time is after the transferee’s transition time. 4. If the disposition is in respect of an eligible pre-2009 winding-up and the transferor is the subsidiary corporation of the transferee, the relevant time is not after the completion time. 5. If the property had been received by the transferee immediately before its transition time, the transaction would have resulted in an increase in one or both of, i. the amount otherwise determined of the transferee’s total federal balance at its transition time, determined as if no election had been made under clause (b) of the definition of “I” in paragraph 1 of subsection 48 (4), and ii. the amount otherwise determined of the transferee’s total Ontario balance at its transition time. 6. The relevant time is included in a taxation year of the transferor that ends before January 1, 2009 during which the transferor has a permanent establishment in Ontario. 7. The proceeds of disposition under the Federal Act do not equal the proceeds of disposition under the Corporations Tax Act.  2007, c. 11, Sched. A, s. 52 (3). Deduction from total federal balance and total Ontario balance (4) If all of the conditions set out in subsection (5) are satisfied, a transferor that disposes of property to a transferee shall, (a) subtract the property’s adjusted cost to the transferee at the relevant time, as determined under the Federal Act, in determining its total federal balance at the relevant time; and (b) subtract the property’s adjusted cost to the transferee at the relevant time, as determined under the Corporations Tax Act, in determining its total Ontario balance at the relevant time.  2007, c. 11, Sched. A, s. 52 (4); 2008, c. 7, Sched. S, s. 13 (3). Same (5) For the purposes of subsection (4), the conditions are as follows: 1. The transferee and the transferor do not deal at arm’s length with each other at the time of the disposition. 2. The transferor was a specified corporation at its transition time. 3. The relevant time is after the transferor’s transition time. 4. If the disposition had been made by the transferor immediately before its transition time, the transaction would have resulted in a decrease in one or both of, i. the amount otherwise determined of the transferor’s total federal balance at its transition time, determined as if no election had been made under clause (b) of the definition of “I” in paragraph 1 of subsection 48 (4), and ii. the amount otherwise determined of the transferor’s total Ontario balance at its transition time. 5. The relevant time is included in a taxation year of the transferee that ends before January 1, 2009 during which the transferee has a permanent establishment in Ontario. 6. The cost amount under the Federal Act of the property to the transferee immediately after the disposition does not equal its cost amount under the Corporations Tax Act.  2007, c. 11, Sched. A, s. 52 (5). Section Amendments with date in force (d/m/y) 2008, c. 7, Sched. S, s. 13 (1-3) - 01/01/2008 Subdivision e — Corporate Minimum Tax Credit