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

Section 130r50 Disposition versions

2012-09-01

130R50. In no case may the aggregate of the deductions that a taxpayer may claim for a taxation year as capital cost allowance in respect of property of any of Classes 34, 43.1, 43.2, 47 and 48 in Schedule B that is specified energy property owned by the taxpayer exceed the amount by which the amount determined under the second paragraph exceeds the aggregate of the amounts each of which is

(a)  the aggregate of the following amounts:

i.  the amount that would be the income of the taxpayer for the year from property described in any of Classes 34, 43.1, 43.2, 47 and 48, other than specified energy property, or from the business of selling the product of the property, if that income were computed after deducting the maximum amount allowable in respect of the property for the year under paragraph a of section 130 of the Act, and

ii.  the taxpayer’s income for the year from specified energy property or from the business of selling the product of such property, computed without reference to paragraph a of section 130 of the Act, or

(b)  the aggregate of the following amounts:

i.  the taxpayer’s share of the amount that would be the income of a partnership for the year from property described in any of Classes 34, 43.1, 43.2, 47 and 48, other than specified energy property, or from the business of selling the product of the property, if that income were computed after deducting the maximum amount allowable in respect of the property for the year under paragraph a of section 130 of the Act, and

ii.  the income of a partnership for the year from specified energy property or from the business of selling the product of such property of the partnership, to the extent of the taxpayer’s share of such income.

The amount to which the first paragraph refers is the aggregate of the amounts each of which is

(a)  the taxpayer’s loss for the year from specified energy property or from the business of selling the product of such property, computed without reference to paragraph a of section 130 of the Act, or

(b)  the loss of a partnership for the year from specified energy property or from the business of selling the product of such property of the partnership, to the extent of the taxpayer’s share of such loss.

s. 130R30.3.1; O.C. 91-94, s. 2; O.C. 1707-97, s. 98; O.C. 1454-99, s. 13; O.C. 1116-2007, s. 8; O.C. 134-2009, s. 1.