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

Section 130r69.2 Disposition versions

2012-09-01

130R69.2. A taxpayer may deduct as additional allowance in respect of property acquired for the purpose of gaining or producing income from more than one mine and for which a separate class is prescribed under section 130R172.2, an amount not exceeding the amount determined by the formula

A × B.

In the formula in the first paragraph,

(a)  A is the lesser of

i.  the taxpayer’s income for the year from the mine, before any deduction under this section, section 130R69, any of Divisions II, III, IV and IV.2 of Chapter X of Title VI of Book III of Part I of the Act or section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4), and

ii.  the undepreciated capital cost to the taxpayer of property of that class at the end of the taxation year, computed without reference to section 130R119, after any deduction under section 130R22 for the taxation year and before any deduction under this section for the year; and

(b)  B is the percentage that is the total of

i.  that proportion of 100% that the number of days in the taxation year that are before 1 January 2011 is of the number of days in the taxation year,

ii.  that proportion of 90% that the number of days in the taxation year that are after 31 December 2010 and before 1 January 2012 is of the number of days in the taxation year,

iii.  that proportion of 80% that the number of days in the taxation year that are after 31 December 2011 and before 1 January 2013 is of the number of days in the taxation year,

iv.  that proportion of 60% that the number of days in the taxation year that are after 31 December 2012 and before 1 January 2014 is of the number of days in the taxation year, and

v.  that proportion of 30% that the number of days in the taxation year that are after 31 December 2013 and before 1 January 2015 is of the number of days in the taxation year.

O.C. 390-2012, s. 18.