Restricted property

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Property held by a person or a partnership, such as:

  • a share of the capital stock of a closely held corporation (including a right to acquire such a share or property substituted for such a share or right), if the share or right was acquired by the person or partnership as part of a transaction or series of transactions under which a specified share of the capital stock of a closely held corporation was acquired:
    • by any person or partnership in exchange for or upon the conversion of a property,
    • for a cost that was less than its fair market value (FMV) at the time of the acquisition;
  • a debt or other obligation of a closely held corporation (including a right to acquire a debt or other obligation), if the debt or obligation, or a property that is substituted for such a debt or obligation, became the property of the person or partnership as a part of a transaction or series of transactions under which a specified share of the capital stock of a closely held corporation was acquired:
    • by any person or partnership in exchange for or upon the conversion of a property,
    • for a cost that was less than its FMV at the time of the acquisition.
Note

Where restricted property is contributed to the trust at a given time, the value of the contribution is deemed to be the greater of the following amounts:

  • the value of the contribution at that time
  • the highest FMV of the restricted property, or of property substituted for it, for the period that begins immediately after that time and ends at the end of the third calendar year that ends after that time.

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