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

Section 360r74 Disposition versions

2012-09-01

360R74. Subject to sections 360R77 and 360R78, a taxpayer who has income for a taxation year derived from an oil or gas well situated outside Canada, or an individual who has income for a taxation year derived from an oil or gas well situated in Canada, may in computing the taxpayer’s income for the year, deduct the lesser of that part of the taxpayer’s income for the year that may reasonably be regarded as income derived from the well and the aggregate of drilling costs incurred by the taxpayer in that year and previous taxation years in respect of the well, minus the aggregate of all amounts deductible in respect thereof in computing the taxpayer’s income for previous years for the purpose of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).

s. 360R38; O.C. 1981-80, s. 360R38; R.R.Q., 1981, c. I-3, r. 1, s. 360R38; O.C. 35-96, s. 86; O.C. 134-2009, s. 1.