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

Section 360r85 Disposition versions

2012-09-01

360R85. The amount referred to in section 360R84 at the particular time referred to therein is equal to the aggregate of

(a)  the amounts deducted by the taxpayer under section 360R82 or 360R83, as the case may be, in computing the taxpayer’s income for the taxation years ending before that time;

(b)  50% of the amounts representing the cost of borrowing capital, including a cost incurred before the start of operations of a business, included in the capital cost to the taxpayer of a depreciable property described in paragraph a of section 360R84;

(c)  50% of the amounts related to the disposition, before the particular time but not later than 11 December 1979, of property of the taxpayer, other than property that the taxpayer has already used and has disposed of to a person not dealing at arm’s length with the taxpayer, the capital cost of which was included, pursuant to paragraph a of section 360R84, in computing the taxpayer’s additional depletion or, where the taxpayer is a corporation referred to in section 360R87, in computing the additional depletion of the person from whom the taxpayer has acquired property;

(d)  33 1/3% of the amounts representing the cost of borrowing capital, including a cost incurred before the start of operations of a business, included in the capital cost to the taxpayer of depreciable property described in paragraph b of section 360R84;

(e)  33 1/3% of the amounts related to the disposition, before the particular time but not later than 11 December 1979, of property of the taxpayer, other than property that the taxpayer has already used and has disposed of to a person not dealing at arm’s length with the taxpayer, the capital cost of which was included, pursuant to paragraph b of section 360R84, in computing the taxpayer’s additional depletion or, where the taxpayer is a corporation referred to in section 360R87, in computing the additional depletion of the person from whom the taxpayer has acquired property; and

(f)  where the taxpayer is a person from whom property was acquired under section 360R87, any amount required by paragraph b of that section to be deducted before that time in computing the taxpayer’s additional depletion.

s. 360R49; O.C. 1983-80, s. 28; O.C. 3926-80, s. 26; R.R.Q., 1981, c. I-3, r. 1, s. 360R49; O.C. 2962-82, s. 63; O.C. 500-83, s. 63; O.C. 421-88, s. 21; O.C. 35-96, s. 64; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.