61. In the case provided for in section 444 or 459 of the Taxation Act (chapter I-3) in respect of the child of a taxpayer, subparagraph a of the first paragraph or subparagraph b of the second paragraph of that section 444 or, as the case may be, paragraph b of section 462 of the said Act, does not apply to computing the cost, for the child, of land described in the said section 444 or 459, respectively, if such land belonged to the taxpayer on 31 December 1971 and thereafter without interruption until his death or, as the case may be, until the transfer; in such case, section 69 applies to the transfer or assignment of such land to the child as if the date of 18 June 1971, mentioned therein, was replaced by that of 31 December 1971.
For the purposes of this section, the expression "child" of a taxpayer includes a grandchild or a great grandchild of the taxpayer and a person who, at some time before he attained the age of 21 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, custody and control in law or in fact.
1973, c. 17, s. 149; 1973, c. 18, s. 38; 1974, c. 18, s. 53; 1986, c. 15, s. 210.
61. In the case provided for in section 444 or 459 of the Taxation Act in respect of the child of a taxpayer, paragraph a of section 440 of the said act or, as the case may be, paragraph b of section 462 of the said act, does not apply to computing the cost, for the child, of land described respectively in the said section 444 or 459, if such land belonged to the taxpayer on 31 December 1971 and thereafter without interruption until his death or, as the case may be, until the transfer; in such case, section 69 applies to the transfer or assignment of such land to the child as if the date of 18 June 1971, mentioned therein, was replaced by that of 31 December 1971.
For the purposes of this section, the word "child" includes a grandchild and a great grandchild.
1973, c. 17, s. 149; 1973, c. 18, s. 38; 1974, c. 18, s. 53.