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

Section 360r73 Disposition versions

2012-09-01

360R73. Subject to sections 360R15 and 360R16, where, at any time during a taxation year and after 19 April 1983, a corporation acquires a property from another person, the following rules apply:

(a)  the corporation must, for the purpose of computing its exploration account at a particular time after that acquisition, add the excess amount computed under paragraph b in respect of that other person; and

(b)  the other person must, for the purpose of computing the person’s exploration account at a particular time after that person’s taxation year during which that acquisition occurs, deduct the amount by which the person’s exploration account immediately after that acquisition, assuming for that purpose, where that acquisition results from an amalgamation referred to in section 544 of the Act, that the person continued to exist after that acquisition and that no property was acquired or disposed of in the course of the amalgamation, exceeds the amount deducted under section 360R65 in computing the person’s income for that taxation year.

s. 360R36; O.C. 1981-80, s. 360R36; O.C. 1983-80, s. 27; R.R.Q., 1981, c. I-3, r. 1, s. 360R36; O.C. 421-88, s. 20; O.C. 91-94, s. 37; O.C. 35-96, s. 61; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.