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

Section 360r59 Disposition versions

2012-09-01

360R59. The following rules apply where, during a taxation year ending after 17 February 1987, an original owner of a particular property disposes of it in circumstances where section 360R18 applies:

(a)  in computing the earned depletion base of the original owner at any time after the time that is immediately after the disposition, the amount of the earned depletion base of that owner determined immediately after the time of the disposition must be deducted;

(b)  for the purposes of subparagraph a of the first paragraph of section 360R18, the earned depletion base of the original owner, determined immediately after the time of the disposition, that was deducted in computing the income of that owner for the year is deemed to be equal to the lesser of

i.  the amount deducted in respect of the disposition under paragraph a, and

ii.  the amount by which the amount determined under section 360R60 in respect of the original owner for the year exceeds the aggregate of the amounts each of which is an amount determined under this paragraph in respect of a disposition made by the original owner during the year and before the disposition of the particular property; and

(c)  an amount, other than the amount determined under paragraph b, that the original owner deducts under section 360R17 for the year or for a subsequent taxation year is deemed, for the purposes of subparagraph a of the first paragraph of section 360R18, not to be related to the earned depletion base of that owner determined immediately after the owner disposed of the particular property.

s. 360R28; O.C. 1981-80, s. 360R28; O.C. 1983-80, s. 24; R.R.Q., 1981, c. I-3, r. 1, s. 360R28; O.C. 421-88, s. 16; O.C. 35-96, s. 51; O.C. 134-2009, s. 1.