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

Section 360r66 Disposition versions

2012-09-01

360R66. In this division, the exploration account of a taxpayer at a particular time means an amount equal to the amount by which the aggregate of the following amounts exceeds the amounts computed under section 360R67 at that time:

(a)  the amounts each of which is, in respect of an oil or gas well in Canada, equal to the amount determined by the formula

66 2/3% × (A – B);

(b)  where the taxpayer is a corporation referred to in section 360R73, any amount required by paragraph a of that section to be added in computing the taxpayer’s exploration account before the particular time.

In the formula in subparagraph a of the first paragraph,

(a)  A is the expenses incurred after 31 March 1977 but before 1 April 1980 and before the particular time in respect of the well, other than the expenses and amounts described in any of paragraphs a to d of section 360R51 and the expenses that may be considered as having been incurred as consideration for services rendered to the taxpayer after 31 March 1980, that would be expenses included in the Canadian exploration expenses of the taxpayer under sections 395 to 397 of the Act if that section 395 were read

i.  without reference to paragraphs c and c.1 and without the words “the drilling of the well is completed within 6 months after the end of the year and” in paragraph b, and

ii.  with “a to b.1, and c.1” in paragraph d and “a to c.1” in paragraph e replaced by “a or b”; and

(b)  B is the base amount of the taxpayer in respect of the well, as determined under section 360R68, less the amount that would be determined under subparagraph a in respect of the taxpayer for the well if “after 31 March 1977 but before 1 April 1980” were replaced by “after 30 June 1976 but before 1 April 1977”.

s. 360R30; O.C. 1981-80, s. 360R30; O.C. 1983-80, s. 25; O.C. 3926-80, s. 22; O.C. 1535-81, s. 8; R.R.Q., 1981, c. I-3, r. 1, s. 360R30; O.C. 35-96, s. 59; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.