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I-3 - Taxation Act

Section 979.7
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Full text
979.7. (Repealed).
1985, c. 25, s. 143; 2007, c. 12, s. 98.
979.7. The deduction contemplated in section 979.6 may not exceed, where the market-maker is an employee, the least of
(a)  the amount by which $65,000 exceeds the guaranteed remuneration received by him in the year in respect of his employment as market-maker;
(b)  50% of the profits paid to him in the year otherwise than in the form of guaranteed remuneration; or
(c)  the amount by which the sum of $500,000 plus the aggregate of the amounts withdrawn by him from his reserve account for contingent losses in the year or a previous taxation year and then included in computing his income exceeds the aggregate of the deductions he is allowed to make under section 979.6 for the previous taxation years.
1985, c. 25, s. 143.
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