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

Section 130r150.2 Disposition versions

2012-09-01

130R150.2. Where, after 18 March 2007, a taxpayer acquires an oil sands property in circumstances to which subsection 130R150 applies and the property was depreciable property that was included in Class 41, because of any of subparagraphs a to c of the first paragraph of that class, of the person or partnership from whom the taxpayer acquired the property, the following rules apply:

(a)  there may be included in Class 41 of the taxpayer only that portion of the property the capital cost of which portion to the taxpayer is the lesser of the undepreciated capital cost of Class 41 to that person or partnership immediately before the disposition of the property by the person or partnership and the amount by which that undepreciated capital cost is reduced as a result of that disposition; and

(b)  that portion of the property that is not the portion included in Class 41 of the taxpayer because of paragraph a must be included in Class 41.1 of the taxpayer.

O.C. 390-2012, s. 24.