736.0.2. Subject to section 736.0.5, where, at any time, a taxpayer (other than a taxpayer who, at that time, became or ceased to be exempt from tax under this Part on the taxpayer’s taxable income) is subject to a loss restriction event and the undepreciated capital cost to the taxpayer of depreciable property of a prescribed class immediately before that time would have exceeded, if this Part were read without reference to section 93.4, the aggregate of the fair market value of all the property of that class immediately before that time and the amount in respect of property of that class otherwise allowed under regulations made under paragraph a of section 130 or deductible under the second paragraph of section 130.1 in computing the taxpayer’s income for the taxation year ending immediately before that time, the excess is to be deducted in computing the taxpayer’s income for the taxation year ending immediately before that time and is deemed to have been allowed to the taxpayer in respect of the property of that class under regulations made under paragraph a of section 130.
1984, c. 15, s. 167; 1985, c. 25, s. 121; 1989, c. 77, s. 80; 1990, c. 59, s. 280; 1997, c. 3, s. 71; 2005, c. 1, s. 142; 2017, c. 12017, c. 1, s. 1781; 2019, c. 142019, c. 14, s. 1941.