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

Section 360r17 Disposition versions

2012-09-01

360R17. A taxpayer may, in computing the taxpayer’s income for a taxation year, deduct an amount not exceeding the lesser of

(a)  the aggregate of

i.  25% of the amount by which resource profits in respect of an oil business for the year exceed 4 times the aggregate of the amounts deducted in respect of that business in computing the taxpayer’s income for the year under section 360R18,

ii.  33 1/3% of the amount by which resource profits in respect of a mining business for the year exceed 3 times the aggregate of the amounts deducted in respect of that business in computing the taxpayer’s income for the year under section 360R18, and

iii.  the amount by which the aggregate of the amounts included in computing the taxpayer’s income for the year under paragraphs a and b of section 332.1 of the Act exceeds the aggregate of the amounts that may reasonably be considered to have been deducted in that computation under section 360R18 by reason of the third paragraph of that section; and

(b)  the aggregate of

i.  the taxpayer’s earned depletion base at the end of the year, and

ii.  the amount by which the aggregate determined under paragraph a of section 360R60 in respect of the taxpayer for the year exceeds the amount by which the aggregate that would be determined under subparagraph b of the second paragraph of section 360R42 exceeds the aggregate that would be determined under subparagraph a of the second paragraph of section 360R42 in computing the earned depletion base of the taxpayer at the end of the year.

s. 360R6; O.C. 1981-80, s. 360R6; R.R.Q., 1981, c. I-3, r. 1, s. 360R6; O.C. 2962-82, s. 37; O.C. 500-83, s. 37; O.C. 35-96, s. 22; O.C. 1470-2002, s. 38; O.C. 134-2009, s. 1; O.C. 390-2012, s. 32.