I-3, r. 1 - Regulation respecting the Taxation Act

Section 130r127 Disposition versions

2012-09-01

130R127. Where in a particular taxation year a taxpayer disposes of a property included in Class 10.1 in Schedule B that was owned by the taxpayer at the end of the preceding taxation year, the following rules apply:

(a)  the amount that the taxpayer may deduct in computing the taxpayer’s income for the year under section 130R1 in respect of the property is computed as if the property had not been disposed of in the particular year and as if the number of days in the particular year were one-half of the number of days in the particular year otherwise determined; and

(b)  no amount may be deducted in computing the taxpayer’s income under section 130R1 in respect of the property for any subsequent taxation year.

s. 130R55.15; O.C. 1631-96, s. 19; O.C. 134-2009, s. 1.