I-3 - Taxation Act

Section 1029.8.36.166.74 Disposition versions

2013-06-05

1029.8.36.166.74. Despite sections 1029.8.36.166.71 to 1029.8.36.166.73, the following rules apply:

(a)  if a corporation that is a member of an associated group (in this paragraph referred to as the “first corporation”) has more than one taxation year ending in the same calendar year and is associated in two or more of those taxation years with another corporation that is a member of the group that has a taxation year ending in that calendar year, the qualified expenditure limit of the first corporation for each particular taxation year that ends in the calendar year in which it is associated with the other corporation and that ends after the first taxation year ending in that calendar year is, subject to paragraph b, an amount equal to the lesser of

i.  its qualified expenditure limit for the first taxation year ending in the calendar year, determined without reference to this section, and

ii.  its qualified expenditure limit for the particular taxation year ending in the calendar year, determined without reference to this section;

(b)  if a corporation has a taxation year of fewer than 51 weeks, except in cases where paragraph c applies, the qualified expenditure limit of the corporation for the year is equal to that proportion of its qualified expenditure limit for the year, determined without reference to this paragraph, that the number of days in the year is of 365; and

(c)  if the eligibility period of a corporation for a taxation year corresponds to a part of the taxation year, the qualified expenditure limit of the corporation for the year is equal to that proportion of its qualified expenditure limit for the year, determined without reference to this paragraph, that the number of days in that period is of the number of days in the taxation year.

2013, c. 10, s. 123.