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

Section 360r82 Disposition versions

2012-09-01

360R82. A taxpayer that is not a corporation may deduct in computing the taxpayer’s income for a taxation year an amount not exceeding the lesser of

(a)  the aggregate of

i.  25% of the amount by which the taxpayer’s resource profits for the year in respect of an oil business exceed 4 times the amount deducted under section 360R17 in respect of that business in computing the taxpayer’s income for the year,

ii.  25% of the amount by which the taxpayer’s resource profits for the year in respect of a mining business exceed 3 times the amount deducted under section 360R17 in respect of that business in computing the taxpayer’s income for the year, and

iii.  the amount included in computing the taxpayer’s income for the year under paragraphs c and d of section 332.1 of the Act; and

(b)  the taxpayer’s additional depletion at the end of the year, computed before any deduction for the year under this section.

s. 360R46; O.C. 1983-80, s. 28; R.R.Q., 1981, c. I-3, r. 1, s. 360R46; O.C. 2962-82, s. 60; O.C. 500-83, s. 60; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.