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

Section 360r6 Disposition versions

2012-09-01

360R6. Where an expense incurred after 7 November 1969 that was a Canadian exploration and development expense or that would have been such an expense if it had been incurred after 31 December 1971, a Canadian exploration expense or a Canadian development expense, has been renounced in favour of the taxpayer and is deemed to be an expense of the taxpayer for the purposes of any of sections 383, 407 and 418 of the Act or subsection 7 of section 29 of the Income Tax Application Rules (R.S.C. 1985, c. 2 (5th Suppl.)) the following rules apply:

(a)  for the purposes of sections 360R30 to 360R57, the expense is deemed to be such an expense incurred by the taxpayer at the time the expense was incurred by the joint exploration corporation; and

(b)  for the purposes of sections 145R1 to 145R3 and 360R21 to 360R29, the expense is deemed to be such an expense incurred by the taxpayer at the time it was deemed to have been incurred for the purposes of any of sections 383, 407 and 418 of the Act or subsection 7 of section 29 of the Income Tax Application Rules.

s. 360R4; O.C. 1981-80, s. 360R4; R.R.Q., 1981, c. I-3, r. 1, s. 360R4; O.C. 2509-85, s. 7; O.C. 35-96, s. 86; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.