I-3 - Taxation Act

Section 85.3 Disposition versions

2006-03-01

85.3. Without restricting the generality of this chapter,

(a)  property, other than capital property, of a taxpayer that is work in progress of a business that is a profession, advertising or packaging material, parts or supplies must be included in his inventory;

(b)  property used primarily for the purposes of advertising or packaging property that is included in the inventory of a taxpayer shall be deemed not to be property held for sale or lease or for any of the purposes referred to in section 85.2; and

(c)  property of a taxpayer, the cost to him of which was deductible by virtue of paragraph n of section 157 must be included in his inventory having a cost to him, except for the purposes of that paragraph, of nil.

1982, c. 5, s. 23; 1984, c. 15, s. 18; 1986, c. 15, s. 46; 1997, c. 14, s. 28.