I-3 - Taxation Act

Section 418.32.2 Disposition versions

2006-03-01

418.32.2. Where in a taxation year an original owner of foreign resource properties in relation to a country disposes of all or substantially all of the original owner’s foreign resource properties in circumstances to which section 418.17.3 applies, the particular amount for the year in respect of the original owner and that country for the purposes of paragraph d of section 418.1.3 and subparagraph ii of paragraph b of section 418.32.1 is the lesser of

(a)  the aggregate of all amounts each of which is the amount by which an amount deducted under paragraph a of section 418.32.1 in respect of a disposition in the year by the original owner of foreign resource property in relation to that country, exceeds the amount designated by the original owner in the prescribed form filed with the Minister within six months after the end of the year in respect of the amount deducted under paragraph a of section 418.32.1; and

(b)  the aggregate of

i.  the amount deducted under section 418.1.10 for the year by the original owner in relation to that country, and

ii.  the amount that would, but for subparagraph ii of paragraph e.1 of section 330, be determined for the year under that paragraph e.1 in respect of the original owner and that country.

2004, c. 8, s. 87.