IT-188R Archived "Sale of Accounts Receivable" 22 May 1984

1. Section 22 is applicable upon election by a vendor and a purchaser, where the vendor (individual, partnership, corporation or estate) sells...

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"The use of the 'rollover' provisions of section 85 precludes the use of the section 22 election ... ."

An election under s. 22 is not available where debts are distributed to the parent on a winding-up under s. 88 because a sale does not take place.

Sale or purchase of trade receivables as part of business on capital account

7. Where a vendor, who...is not a trader in accounts receivable,...

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