I-3 - Taxation Act

Section 1029.8.36.0.74.3 Disposition versions

2021-06-04

1029.8.36.0.74.3. (Repealed).

2004, c. 21, s. 345; 2021, c. 18, s. 121.

2006-03-01

1029.8.36.0.74.3. Notwithstanding section 1029.8.36.0.74, no amount may, in relation to qualified property, be deemed to have been paid to the Minister by a corporation for a taxation year, in respect of acquisition costs that the partnership of which the corporation is a member incurred in respect of the property in its fiscal period that ends in the year, where at any time on or before the corporation’s filing-due date for that taxation year, the property ceases, otherwise than by reason of its loss, the involuntary destruction of the property by fire, theft or water, a major breakdown of the property or its obsolescence, to be used by the partnership exclusively in the international trade zone and, exclusively or almost exclusively, to earn income from activities shown on the certificate issued to the partnership in respect of the recognized business and carried on in that zone by the partnership.

For the purposes of the first paragraph, where, at any time, a partnership disposes of qualified property for proceeds of disposition equal to or greater than 10% of the cost of acquiring it, the partnership is deemed not to have ceased to use, at that time, the property by reason of its obsolescence.

2004, c. 21, s. 345.