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

Section 360r14 Disposition versions

2012-09-01

360R14. In the definition of “production royalty” in section 360R2, the expression “Crown royalty” of a taxpayer in respect of the production of petroleum, natural gas or related hydrocarbons from a natural accumulation of petroleum or natural gas in Canada, other than a resource, from an oil or gas well in Canada or from a resource that is a deposit of bituminous sands, oil sands or oil shale, or in respect of the ownership of a natural reservoir of gas or petroleum in Canada means an amount

(a)  that would be included in computing the taxpayer’s income for a taxation year under section 89 of the Act in respect of such production or ownership if section 91 of the Act were read without reference to the words “or to a prescribed amount”;

(b)  that would not be deductible in computing the taxpayer’s income for a taxation year under section 144 of the Act in respect of such production or ownership if subsection 2 of section 144 were read without reference to “to a prescribed amount for the purposes of section 91 or”;

(c)  by which the proceeds of disposition of such production for the taxpayer are increased under section 425 of the Act; or

(d)  by which the cost of acquisition of such production for the taxpayer is reduced under section 425 of the Act.

An amount described in subparagraph a or b of the first paragraph must be reduced by the amount of any reimbursement, contribution or allowance referred to in section 486 of the Act received or receivable by the taxpayer in respect of that amount.

s. 360R5.6; O.C. 2509-85, s. 9; O.C. 91-94, s. 16; O.C. 35-96, s. 20; O.C. 1466-98, s. 44; O.C. 134-2009, s. 1.