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

Section 360r36 Disposition versions

2012-09-01

360R36. A taxpayer may, in computing the taxpayer’s income for a taxation year, deduct an amount that does not exceed the lesser of

(a)  the taxpayer’s depletion for oil and gas exploration at the end of the year, before any deduction under this section for the year; and

(b)  the amount by which the aggregate of the following amounts exceeds the aggregate of the amounts deducted under sections 360R17, 360R18, 360R30 to 360R35, 360R65 to 360R73 and 360R82 to 360R88 in computing the taxpayer’s income for the year:

i.  33 1/3% of the taxpayer’s income for the year, computed in accordance with Part I of the Act without reference to paragraph g of section 332.1 of the Act and assuming that no deduction is granted under section 360 of the Act, and

ii.  any amount included in computing the taxpayer’s income for the year under paragraph g of section 332.1 of the Act.

s. 360R16.9; O.C. 1746-88, s. 3; O.C. 35-96, s. 36; O.C. 134-2009, s. 1.