I-3 - Taxation Act

Section 630 Disposition versions

2006-03-01

630. For the purposes of sections 93 to 104, 130 and 130.1 and of the regulations made under paragraph a of section 130, where property received by a person contemplated in section 626 is depreciable property of a prescribed class and where its capital cost to the partnership exceeds its capital cost, to such person, as determined under section 628,

(a)  the capital cost to him of the property is deemed to be the capital cost of the property to the partnership; and

(b)  the excess is deemed to have been allowed to that person as depreciation for the taxation years before its acquisition by him.

1972, c. 23, s. 476; 1979, c. 18, s. 52; 1997, c. 3, s. 71.