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of <h1>Company buyback: excess sale consideration treated as capital gains in year of purchase; tax-exempt amounts treated as nil</h1> When a shareholder or holder of specified securities receives consideration from a company for the company's purchase of its own shares or specified securities, the excess of the sale consideration over the cost of acquisition is treated as capital gains in the year of purchase, subject to applicable rollover or relief provisions. Consideration of the specific tax-exempt nature described in law is treated as nil for this purpose. 'Specified securities' carries the meaning given in the corporate statute's relevant explanation.
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