I-3 - Taxation Act

Section 85.6 Disposition versions

2009-05-15

85.6. If the value of the property in an individual’s inventory in relation to an artistic endeavour is deemed to be nil for a taxation year because of an election referred to in the first paragraph of section 85.5 made in relation to that year, the value of the property in the individual’s inventory in relation to the artistic endeavour is deemed to be nil for each subsequent taxation year, unless the taxation year is a year in relation to which a revocation, made by the individual under subsection 7 of section 10 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006, of an election made under subsection 6 of section 10 of that Act in respect of the artistic endeavour, is valid.

Any condition determined by the Minister of National Revenue for the revocation referred to in the first paragraph applies, with the necessary modifications, in computing the income from the artistic endeavour.

Chapter V.2 of Title II of Book I applies in relation to a revocation made under subsection 7 of section 10 of the Income Tax Act or in relation to a revocation made under this section before 20 December 2006.

1987, c. 67, s. 18; 2009, c. 5, s. 49.

2006-03-01

85.6. Where an individual makes an election pursuant to section 85.5 for a taxation year, the value of the property in his inventory in respect of his artistic endeavour is, for each subsequent taxation year, deemed to be nil.

Notwithstanding the foregoing, the election may be revoked with the concurrence of the Minister and on such terms and conditions as are specified by him.

1987, c. 67, s. 18.