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

Section 130r97 Disposition versions

2012-09-01

130R97. Leasing property referred to in section 130R93 does not include

(a)  any property that the taxpayer or the partnership acquired before 26 May 1976 or was obliged to acquire under the terms of an agreement in writing entered into before 26 May 1976;

(b)  any property the construction, manufacture or production of which was commenced by the taxpayer or the partnership before 26 May 1976 or was commenced under an agreement in writing entered into by the taxpayer or the partnership before 26 May 1976; or

(c)  any property that the taxpayer or the partnership acquired on or before 31 December 1976 or was obliged to acquire under the terms of an agreement in writing entered into on or before 31 December 1976, if

i.  arrangements, evidenced by writing, respecting the acquisition, construction, manufacture or production of the property had been substantially advanced before 26 May 1976, and

ii.  the taxpayer or the partnership had, before 26 May 1976, demonstrated a bona fide intention to acquire the property for the purpose of gaining or producing gross revenue that is rent, royalty or leasing revenue.

s. 130R52; O.C. 1981-80, s. 130R52; R.R.Q., 1981, c. I-3, r. 1, s. 130R52; O.C. 1697-92, s. 24; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.