On February 5, 2009, Mr. X acquired all the shares of Opco from an unrelated individual, and then disposed of those shares to an unrelated person on February 5, 2011. Was the requirement in s. 110.6(1) – qualified small business corporation share – para. (b), that “throughout the 24 months immediately preceding [February 5, 2011, the share] was not owned by anyone other than the individual or a person … related to the individual” satisfied, having regard to ss. 28 and 35 of the Interpretation Act? CRA responded:
Since on February 5, 2009, a person unrelated to Mr. X … owned the shares … the requirement regarding the 24-month holding period of the shares would not be satisfied … .