Common use of Income Tax Act Clause in Contracts

Income Tax Act. It is the intention of the Vendor and the Purchaser that the transfer and distribution of the Vendor’s Assets as contemplated by the terms and conditions hereof shall take place pursuant to subsection 88(1) of the Income Tax Act.

Income Tax Act. It is the intention of the Vendor and the Purchaser that the transfer and distribution exchange of the Vendor’s Assets shares as contemplated by the terms and conditions hereof shall take place pursuant to subsection 88(1) 85.1 of the Income Tax Act.