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

Section 360r49 Disposition versions

2012-09-01

360R49. Where the taxpayer is a corporation, the expenditures used in computing the aggregate referred to in subparagraph a of the second paragraph of section 360R42 include the expenditures incurred after 1980 and before the particular time referred to in that section, other than those referred to in section 360R54, and that are

(a)  the specified percentage in respect of such expenditures and for the calendar year in which the taxpayer incurred them, of Canadian oil and gas exploration expenses incurred in a calendar year after 31 December 1980 and before 1 January 1984 in respect of conventional lands;

(b)  the specified percentage, in respect of such expenditures and for the calendar year in which the taxpayer incurred them, of Canadian oil and gas exploration expenses incurred in a calendar year after 31 December 1980 and before 1 January 1985 in respect of non-conventional lands;

(c)  Canadian exploration expenses incurred after 31 December 1981 in respect of a qualified tertiary oil recovery project of the taxpayer that would be described in paragraph b or b.1 of section 395 of the Act if that paragraph b were read without reference to the words “or in any previous year, and included by him in computing his Canadian development expenses for a previous taxation year”, or in paragraph d or e of that section 395 if the Act were read without reference to paragraphs a, a.1, b.2 and c to c.2 of that section 395 and if paragraph b of that section were read without reference to the words “or in any previous year, and included by him in computing his Canadian development expenses for a previous taxation year”;

(d)  Canadian development expenses incurred in respect of a qualified tertiary oil recovery project of the taxpayer;

(e)  the capital cost to the taxpayer of tertiary recovery equipment; or

(f)  the capital cost to the taxpayer of property that is included in Class 10 in Schedule B under subparagraph o of the second paragraph of that class or that would be so included therein but for Class 41 in that schedule.

s. 360R19.1; O.C. 2962-82, s. 50; O.C. 500-83, s. 50; O.C. 2509-85, s. 22; O.C. 91-94, s. 31; O.C. 35-96, s. 47; O.C. 1707-97, s. 98; O.C. 1451-2000, s. 11; O.C. 134-2009, s. 1.