I-0.4 - Mining Tax Act

Section 10.8 Disposition versions

2015-10-21

10.8. Where, because of section 10.6, one or more of an operator’s particular properties of one class (in this section referred to as the “old class”) are deemed to have become properties of another class (in this section referred to as the “new class”), the following rules apply for the purpose of determining, at a given time that is subsequent to the time of the transfer, the undepreciated capital cost to the operator of the property of the old class and of the new class:

(1)  for the purposes of subparagraph a of paragraph 1 of the definition of “undepreciated capital cost” in the first paragraph of section 9, each of the particular properties is deemed to be a property of the new class acquired before the given time and never to have been included in the old class; and

(2)  the amount by which the aggregate of all amounts each of which is the capital cost to the operator of each of the particular properties exceeds the undepreciated capital cost of the property of the new class immediately after the time of the transfer is deemed to be a depreciation allowance granted to the operator in respect of the property of the new class and to no longer be a depreciation allowance granted to the operator in respect of the property of the old class.

2015, c. 21, s. 61.