Common use of Income Tax Act Clause in Contracts

Income Tax Act. It is the intention of the Vendor and the Purchaser that the exchange of shares as contemplated by the terms and conditions hereof shall take place pursuant to subsection 85.1 of the Income Tax Act.

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