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

Section 145r1 Disposition versions

2012-09-01

145R1. For the purpose of computing the income of a taxpayer for a taxation year that begins before 1 January 2007, the amount to which the first paragraph of section 145 of the Act refers is the amount determined by the formula

[0.25 × (A – B)] – C.

In the formula in the first paragraph,

(a)  A is the taxpayer’s adjusted resource profits for the year;

(b)  B is the aggregate of all amounts each of which is a Canadian exploration and development overhead expense, within the meaning given to that expression by section 360R2, made or incurred by the taxpayer in the year, other than an amount included therein because of section 181 or 182 of the Act; and

(c)  C is the amount by which the aggregate that would be determined under subparagraph b of the second paragraph of section 360R42 in computing the taxpayer’s earned depletion base at the end of the year, other than any portion of that aggregate determined under subparagraph v of that paragraph as a consequence of a disposition in the year of property in circumstances to which section 360R18 applies, exceeds the aggregate that would be determined under subparagraph a of the second paragraph of section 360R42 in computing the taxpayer’s earned depletion base at the end of the year.

s. 145R1; O.C. 1981-80, s. 145R1; R.R.Q., 1981, c. I-3, r. 1, s. 145R1; O.C. 2962-82, s. 24; O.C. 500-83, s. 24; O.C. 2509-85, s. 4; O.C. 91-94, s. 4; O.C. 35-96, s. 8; O.C. 1466-98, s. 28; O.C. 1249-2005, s. 11; O.C. 134-2009, s. 1.