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

Section 360r4 Disposition versions

2012-09-01

360R4. For the purposes of this chapter, where at the end of a fiscal period of a partnership a taxpayer was a member thereof, the resource profits in respect of a mining business or an oil business, as the case may be, of the partnership for the fiscal period, to the extent of the taxpayer’s share thereof, must be included in computing the taxpayer’s resource profits in respect of a mining business or an oil business, as the case may be, for the taxpayer’s taxation year in which the fiscal period ended.

The taxpayer is deemed, to the extent of the taxpayer’s share in the property, to have acquired or disposed of, as the case may be, on the day of the acquisition or the disposition by the partnership, any property acquired or disposed of by the partnership.

In addition, the taxpayer is deemed, to the extent of the taxpayer’s share in the amount, to have become receivable, on the day the partnership became receivable therefor, for any amount that has become receivable by the partnership and in respect of which the consideration given by the partnership was property other than property referred to in any of paragraphs a, c and d of section 328 of the Act, as that section read at that time, or a share or interest therein or right thereto, or services, all or part of the original cost of which to the partnership may be regarded primarily as an exploration or development expense of the taxpayer and the taxpayer is also deemed, to the extent of the taxpayer’s share in the consideration, to have given the consideration for that amount thus deemed to have become receivable.

The taxpayer is also is deemed, to the extent of the taxpayer’s share in the expenditure, to have incurred, at the time the partnership incurred or is deemed to have incurred that expenditure, any expenditure the partnership has incurred or is deemed to have incurred.

s. 360R3; O.C. 1981-80, s. 360R3; O.C. 1983-80, s. 17; O.C. 3926-80, s. 10; R.R.Q., 1981, c. I-3, r. 1, s. 360R3; O.C. 2509-85, s. 6; O.C. 91-94, s. 13; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1; O.C. 1176-2010, s. 24.