I-3 - Taxation Act

Section 771.8.5.1 Disposition versions

2010-10-27

771.8.5.1. The amount that must be determined, for the purposes of paragraph j.1 of subsection 1 of section 771, in respect of a corporation for a taxation year under this section is the amount determined by the formula

A × B.

In the formula in the first paragraph,

(a)  A is

i.  if the corporation’s taxation year includes the last day of its tax-free period, the proportion that the number of days in the year that are included in the corporation’s tax-free period is of the number of days in the year, and

ii.  in any other case, 1; and

(b)  B is the lesser of

i.  the amount by which the corporation’s income for the year from an eligible business that is an eligible commercialization business exceeds its loss for the year from such a business, and

ii.  the amount by which the corporation’s taxable income for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of that income that is not subject to tax under this Part because of an Act of Québec.

2010, c. 5, s. 72; 2010, c. 25, s. 79.

2010-04-20

771.8.5.1. The amount that must be determined, for the purposes of paragraph j.1 of subsection 1 of section 771, in respect of a corporation for a taxation year under this section is the amount determined by the formula

A × B.

In the formula in the first paragraph,

(a)  A is

i.  if the corporation’s taxation year includes the last day of its exemption period (période d’exemption), the proportion that the number of days in the year that are included in the corporation’s exemption period (période d’exemption) is of the number of days in the year, and

ii.  in any other case, 1; and

(b)  B is the lesser of

i.  the amount by which the corporation’s income for the year from an eligible business that is an eligible commercialization business exceeds its loss for the year from such a business, and

ii.  the amount by which the corporation’s taxable income for the year exceeds the aggregate of the amount determined in respect of the corporation for the year under section 771.0.2.2 and the portion of that income that is not subject to tax under this Part because of an Act of Québec.

2010, c. 5, s. 72.