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

Section 130r91 Disposition versions

2012-09-01

130R91. The aggregate of deductions that a taxpayer may claim for a taxation year as allowance in respect of capital cost in respect of leasing property owned by the taxpayer may not exceed the amount by which the amount determined under the second paragraph is exceeded by the aggregate of the amounts each of which is

(a)  the taxpayer’s revenue for the year, computed without reference to paragraph a of section 130 of the Act, arising from the rental of, whether or not by lease, or from royalties earned on leasing property or property that would be leasing property but for sections 130R97 to 130R99, of which the taxpayer is the owner, or

(b)  the revenue of a partnership for the year arising from the rental of, whether or not by lease, or from royalties earned on leasing property or property that would be leasing property but for sections 130R97 to 130R99, of which the partnership is the owner, to the extent of the taxpayer’s participation in that revenue.

The amount to which the first paragraph refers is the aggregate of the amounts each of which is

(a)  the taxpayer’s loss for the year, computed without reference to paragraph a of section 130 of the Act, arising from the rental of, whether or not by lease, or from royalties earned on property referred to in subparagraph a of the first paragraph, or

(b)  the loss of a partnership for the year arising from the rental of, whether or not by lease, or from royalties earned on property referred to in subparagraph b of the first paragraph, to the extent of the taxpayer’s participation in that loss.

s. 130R48; O.C. 1981-80, s. 130R48; R.R.Q., 1981, c. I-3, r. 1, s. 130R48; O.C. 1697-92, s. 20; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.