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

Section 104r4 Disposition versions

2012-09-01

104R4. In the case of a disposition referred to in section 104R3, the taxpayer may, within the time prescribed under the Act for the filing of the taxpayer’s fiscal return for the taxation year in which the taxpayer disposed of the vessel, elect to have the vessel considered as a prescribed class or, if any conversion cost in respect of the vessel has been included in a separate prescribed class, have the vessel transferred to that class and, if the taxpayer so elects, the vessel is deemed to have been so transferred immediately before the disposition by the taxpayer.

However, this section does not apply unless the proceeds of disposition of the vessel exceed the amount that would be the undepreciated capital cost of property of the class to which the vessel would be so transferred.

s. 104R4; O.C. 1981-80, s. 104R4; R.R.Q., 1981, c. I-3, r. 1, s. 104R4; O.C. 1282-2003, s. 14; O.C. 134-2009, s. 1.