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Cooper Roberts
Cooper Roberts

Xco Stock Buy Or Sell


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xco stock buy or sell



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Other times, the price moves upward and the investor fears that the gravy train is missed. They monitor the stock and when prices continue to climb at a 45 degree angle, the investor begrudgingly takes the plunge not wanting to miss out on any further gains.


The charts below detail names that are technically well positioned. These are radar screen names -- sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.


Subsection 87(2) is amended consequential on the introduction of new paragraph 110(1)(e) that provides a deduction to an employer in respect of certain employee stock option benefits, and a formula under new subsection 110(1.31) that determines the proportion of securities under a stock option agreement that are deemed to be non-qualified securities.


New paragraph 87(2)(j.97) deems a corporation formed on an amalgamation to be a continuation of each predecessor corporation for the purposes of the employer deduction. As result, if an employer is entitled to a future deduction under subsection 110(1)(e) (i.e., when employees will acquire non-qualified securities under a stock option agreement), the corporate amalgamation will not cause the employer to become ineligible for the deduction.


For the purposes of subsection 110(1.31) and its determination of the non-qualified securities under a stock option agreement, note that variable D takes into consideration securities under agreements entered into "before the relevant time" with a particular qualifying person or related qualifying person. As a consequence of new paragraph 87(2)(j.97), subsection 110(1.31) will take into account the securities underlying stock option agreements entered into (after June 2021) by the predecessor corporation(s) of the particular qualifying person and its related corporations.


Section 110 of the Act provides for a number of deductions in computing taxable income. Section 110 is being amended in a number of ways to implement new measures for the treatment of deductions in respect of employee stock options for both employees and employers.


New subsection 110(0.1) contains three defined terms that are used in section 110 in the context of non-qualified securities under employee stock option agreements. For further information, see the commentary on new paragraph 110(1)(e) and new subsections 110(1.3) to (1.44) and (1.9).


For example, assume that a corporation has a fiscal year end of December 31 and that it is a party to a stock option agreement entered into in 2022. If the agreement is entered into on June 1, 2022, after the December 31, 2021 financial statements have been presented to the shareholders, the corporation is a specified person if the gross revenues reported on those statements exceed $500 million (conversely, it is not a specified person if the gross revenues are less than $500 million). If the stock option agreement is entered into on February 1, 2022, before the 2021 financial statements have been prepared and presented to shareholders, the corporation is a specified person if the gross revenues reported on the financial statements for the year ended December 31, 2020 exceed $500 million. If financial statements for neither fiscal year 2020 nor 2021 have been presented to shareholders, then the test of specified person status would be based on gross revenues for 2021, as if financial statements as at December 31, 2021 had been prepared in accordance with generally accepted accounting principles.


Note that although a CCPC cannot itself be a specified person, a qualifying person that does not deal at arm's length with the CCPC might be a specified person and might therefore cause securities under stock options granted by a CCPC to be non-qualified securities. In this regard, refer to the commentary on new subsection 110(1.3).


The definition "vesting year" is relevant for the purposes of the $200,000 limit in new subsection 110(1.31), which deems certain securities under a stock option agreement to be non-qualified securities. The term "vesting year" applies with respect to a security that a qualifying person has agreed to sell or issue to an individual under an agreement. It is generally the first calendar year in which the individual may exercise the right to acquire the security. Where the agreement specifies the calendar year in which the individual's right to acquire the security first becomes exercisable, that calendar year will be the vesting year. Some agreements provide for an acceleration of the exercise right in the event of certain events, the timing of which is not reasonably foreseeable at the time the agreement is entered into, such as the death of the individual. These accelerated vesting dates are not to be taken into consideration for the purpose of determining the agreement's vesting year.


Where the agreement does not specify the calendar year in which the individual's right to acquire the security first becomes exercisable, the vesting year(s) of the underlying securities will be determined on a pro rata basis over a period that ends at the earlier of 60 months after the date the agreement is entered into and the last day at which employees can acquire securities under the agreement. For example, assume that a stock option agreement is in force from July 1, 2022 to June 30, 2029 (i.e., a seven-year period) and that the agreement did not specify the year(s) in which rights to acquire securities may first be exercised. In that case, 10% of the securities would have a vesting year of 2022, 20% would have a vesting year of 2023, 20% would have a vesting year of 2024, 20% would have a vesting year of 2025, 20% would have a vesting year of 2026, and 10% would have a vesting year of 2027.


The vesting year of a security to be acquired under an agreement to sell or issue securities to an individual is determined at the time the qualifying person agrees to sell or issue the security. As a consequence, the vesting year in respect of a security may differ from the year in which the security is acquired by the individual.


Paragraph 110(1)(d) provides a deduction in computing the taxable income of a taxpayer if certain conditions are met. The deduction is equal to of the amount of the benefit deemed by subsection 7(1) to have been received by the taxpayer in respect of a security under an employee stock option agreement.


New paragraph 110(1)(e) provides a deduction in computing the taxable income of an employer that is qualifying person (a corporation or mutual fund trust) if certain conditions are met. The deduction is equal to the amount of the benefit deemed by subsection 7(1) to have been received by an individual (i.e., an employee) in respect of a non-qualified security under an employee stock option agreement.


In the case where the stock option agreement is entered into by a qualifying person that is not the individual's employer (but where the qualifying person does not deal at arm's length with the employer), paragraph 110(1)(e) provides the deduction to the employer of the individual and not to the seller or issuer of the securities.


For more information about the conditions under which a security is deemed to be a non-qualified security, see the commentary on new subsections 110(1.3) to (1.44) and (1.9). Also see the commentary on paragraph 87(2)(j.92) regarding a successor employer to an employer that entered into a stock option agreement with employees.


Subsection 110(1.1) allows a taxpayer who disposed of their rights (a "cash out") under an employee stock option agreement to claim the deduction under paragraph 110(1)(d) if the taxpayer's employer elects to forgo (and for any person with which it does not deal at arm's length to forgo) any deduction otherwise available to it in respect of a payment to, or for the benefit of, the taxpayer for the disposition of the rights. However, there is an exception from this prohibition for "designated amounts", as discussed under subsection 110(1.2) below.


Subsection 110(1.2) defines a "designated amount" for the purposes of subsection 110(1.1). These amounts are excepted from the prohibition in subsection 110(1.1) in respect of employer deductions for cash-outs of employee stock options.


New subsection 110(1.3) provides the conditions that must be met for subsection 110(1.31) to apply. In general terms, subsection 110(1.31) deems securities to be non-qualified securities if they are to be sold or issued under an employee stock option agreement with a qualifying person and an annual $200,000 vesting limit is exceeded. Whether a security is a non-qualified security is relevant primarily for the purposes of the employee deduction in paragraph 110(1)(d) and the employer deduction in new paragraph 110(1)(e).


Note that, even if the issuer of the stock option agreement is not itself a specified person, the test in subsection 110(1.31) for non-qualified security status will apply if the securities to be issued or sold are those of a specified person or if the agreement is entered into with employees of a specified person. This could include cases where a CCPC enters into a stock option agreement and does not deal at arm's length with a specified person.


New subsection 110(1.31) applies to securities to be sold or issued by a qualifying person under a stock option agreement if the conditions in subsection 110(1.3) are met in respect of that agreement. 041b061a72


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