15(1.1) Conferring of benefit
Notwithstanding subsection (1), if in a taxation year a corporation has paid a stock dividend to a person and it may reasonably be considered that one of the purposes of that payment was to significantly alter the value of the interest of any specified shareholder of the corporation, the fair market value of the stock dividend shall, except to the extent that it is otherwise included in computing that person's income under any of paragraphs 82(1)(a), (a.1) and (c) to (e), be included in computing the income of that person for the year.
15(1.2) Forgiveness of shareholder debt
For the purpose of subsection (1), the value of the benefit where an obligation issued by a debtor is settled or extinguished at any time shall be deemed to be the forgiven amount at that time in respect of the obligation.
15(1.21) Forgiven amount
For the purpose of subsection (1.2), the “forgiven amount” at any time in respect of an obligation issued by a debtor has the meaning that would be assigned by subsection 80(1) if
(a) the obligation were a commercial obligation (within the meaning assigned by subsection 80(1)) issued by the debtor;
(b) no amount included in computing income (otherwise than because of paragraph 6(1)(a)) because of the obligation being settled or extinguished were taken into account;
(c) the definition “forgiven amount” in subsection 80(1) were read without reference to paragraphs (f) and (h) of the description B in that definition; and
(d) section 80 were read without reference to paragraphs (2)(b) and (q) of that section.
15(1.3) — Cost of property or service
To the extent that the cost to a person of purchasing a property or service or an amount payable by a person for the purpose of leasing property is taken into account in determining an amount required under this section to be included in computing a taxpayer's income for a taxation year, that cost or amount payable, as the case may be, shall include any tax that was...