I-3 - Taxation Act

Section 217.23 Disposition versions

2013-06-05

217.23. A corporation may designate an amount for a taxation year in respect of a qualified resource expense for the purposes of the definition of “adjusted stub period accrual” in section 217.18, subject to the following rules:

(a)  the corporation cannot designate an amount for the year in respect of a qualified resource expense in respect of a partnership except to the extent the corporation obtains from the partnership, before the corporation’s filing-due date for the year, information in writing identifying the qualified resource expenses described in paragraph d of section 395 or 408, paragraph e of section 418.1.1 or paragraph b of section 418.2 and determined as if those expenses had been incurred by the partnership in its last fiscal period that ended in the year; and

(b)  the amount designated for the year by the corporation is not to exceed the maximum amount that would be deductible by the corporation under any of Divisions III to IV.1 of Chapter X of Title VI in computing its income for the year if

i.  the amounts referred to in paragraph a in respect of the partnership were the only amounts used in determining the maximum amount, and

ii.  the fiscal period of the partnership that begins in the year and ends after the year had ended at the end of the year and each qualified resource expense were deemed under section 359.18 to be incurred by the corporation at the end of the year.

2013, c. 10, s. 21.