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

Section 851.22.17r1 Disposition versions

2017-04-12

851.22.17R1. (Revoked).

O.C. 390-2012, s. 64; O.C. 321-2017, s. 42.

2012-09-01

851.22.17R1. For the purposes of section 851.22.17 of the Act, the prescribed amount for a taxpayer’s taxation year that includes 31 October 1994 is the amount, if any, by which the total of all amounts each of which is the taxpayer’s profit from the deemed disposition in the year, because of section 851.22.15 of the Act, of a property other than a capital property or an excluded property, exceeds the total of

(a)  the total of all amounts each of which is the taxpayer’s loss from the deemed disposition in the year, because of section 851.22.15 of the Act, of a property other than a capital property or an excluded property, and

(b)  the amount, if any, by which the total of all amounts each of which is the taxpayer’s loss from the disposition in the year of a mark-to-market property, within the meaning of section 851.22.1 of the Act, other than a capital property, an excluded property or a property deemed disposed of because of section 851.22.15 of the Act, exceeds the total of all amounts each of which is the taxpayer’s profit from the disposition in the year of a mark-to-market property, other than a capital property, an excluded property or a property deemed disposed of because of section 851.22.15 of the Act.

For the purposes of the first paragraph, “excluded property” of a taxpayer means a mark-to-market property used in a business of the taxpayer in its taxation year that includes 31 October 1994 where it is reasonable to expect that the property would have been valued at its fair market value for the purpose of computing the taxpayer’s income from the business for the year if

(a)  the Act were read without reference to section 851.22.15; and

(b)  the property were held at the end of the year.

O.C. 390-2012, s. 64.