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

Section 130r90 Disposition versions

2012-09-01

130R90. Section 130R89 does not apply, in a particular taxation year, to property owned by

(a)  a corporation, where the property is used in a business carried on in the year by the corporation;

(b)  an individual, where the property is used in a business carried on in the year by the individual in which the individual is personally active on a continuous basis throughout that portion of the year during which the business is ordinarily carried on; or

(c)  a partnership, where the property is used in a business carried on in the year by the partnership if not less than 2/3 of the income or loss, as the case may be, of the partnership for the year is included in the computation of the income of

i.  members of the partnership who are individuals that are personally active in the business of the partnership on a continuous basis throughout that portion of the year during which the business is ordinarily carried on, and

ii.  members of the partnership that are corporations.

s. 130R46.2; O.C. 1549-88, s. 2; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.