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

Section 360r11 Disposition versions

2012-09-01

360R11. An expense that is a Canadian exploration and development overhead expense of the joint exploration corporation referred to in sections 360R6 and 360R7, or would be if the words “connected with the taxpayer”, in paragraph d of the definition of that expression in section 360R2 were replaced by “connected with the shareholder corporation in favour of whom the expense was renounced for the purposes of section 407 or 418 of the Act”, that may be considered to be part of a Canadian exploration expense or Canadian development expense that is deemed to be such an expense of the shareholder corporation for the purposes of sections 360R6 and 360R7, is deemed to be a Canadian exploration and development overhead expense of the shareholder corporation incurred by it at the time the expense was deemed by sections 360R6 and 360R7 to have been incurred by it and is not to be at and after that time, a Canadian exploration and development overhead expense incurred by the joint exploration corporation.

s. 360R5.4; O.C. 2509-85, s. 9; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.