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

Section 104r7 Disposition versions

2012-09-01

104R7. All or any part of a deposit made under paragraph b of section 104R3, under the Provincial Income Tax Act (R.S.Q. 1964, c. 69) or under the Corporation Tax Act (R.S.Q. 1964, c. 67) may be paid out to or on behalf of any person who, before 1975 and under the conditions in paragraph a of section 104R3, replaces the vessel disposed of by another vessel

(a)  that was constructed in Canada;

(b)  that is registered in Canada or in any place to which the British Commonwealth Merchant Shipping Agreement signed at London on 10 December 1931 applies; and

(c)  in respect of the capital cost of which no allowance has been made to any other taxpayer under this Act, the Provincial Income Tax Act, or the Corporation Tax Act.

Similarly, such amount may be paid out to or on behalf of any person who incurs any conversion cost with respect to a vessel the person owns and that is described in subparagraph b of the first paragraph.

However, the ratio of the amount paid out to the amount of the deposit may not exceed the ratio of the capital cost of the vessel or the conversion cost of the vessel, as the case may be, to the proceeds of disposition of the vessel disposed of and any deposit or part of a deposit not so paid out before the month of July 1975 or not paid out pursuant to section 104R8 is assigned to the Consolidated Revenue Fund.

s. 104R7; O.C. 1981-80, s. 104R7; R.R.Q., 1981, c. I-3, r. 1, s. 104R7; O.C. 134-2009, s. 1.