I-3 - Taxation Act

Section 105.4 Disposition versions

2017-12-07

105.4. (Repealed).

2004, c. 21, s. 55; 2005, c. 1, s. 39; 2007, c. 12, s. 37; 2017, c. 29, s. 34.

2007-11-07

105.4. For the purposes of Title VI.5 of Book IV and of paragraph b of section 28 as it applies for the purposes of that Title, an amount included under paragraph b of section 105 in computing a taxpayer’s income for a particular taxation year from a fishing business is deemed to be a taxable capital gain of the taxpayer for the year from the disposition in the year of qualified fishing property, within the meaning of section 726.6, to the extent of the lesser of

(a)  the amount included under paragraph b of section 105 in computing the taxpayer’s income for the particular year from the fishing business; and

(b)  the amount determined by the formula

A − B.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the amount by which 1/2 of the aggregate of all amounts each of which is the taxpayer’s proceeds from a disposition, after 10 December 2002, in the particular year or a preceding taxation year of incorporeal capital property in respect of the fishing business that, at the time of the disposition, was a qualified fishing property of the taxpayer, exceeds the amount determined under the third paragraph; and

(b)  B is the aggregate of all amounts each of which is an amount deemed under this division to be a taxable capital gain of the taxpayer for a taxation year preceding the particular year from the disposition of qualified fishing property of the taxpayer.

The amount to which subparagraph a of the second paragraph refers is 1/2 of the aggregate of all amounts each of which is

(a)  an incorporeal capital amount of the taxpayer in respect of the fishing business that is payable or disbursed in relation to a qualified fishing property disposed of by the taxpayer, after 10 December 2002, in the particular year or a preceding taxation year; or

(b)  an outlay or expense of the taxpayer that was not deductible in computing the taxpayer’s income and was made or incurred for the purpose of making a disposition referred to in subparagraph a.

2004, c. 21, s. 55; 2005, c. 1, s. 39; 2007, c. 12, s. 37.

2006-03-01

105.4. For the purposes of Title VI.5 of Book IV and of paragraph b of section 28 as it applies for the purposes of that Title, an amount included under paragraph b of section 105 in computing a taxpayer’s income for a particular taxation year from a business is deemed to be a taxable capital gain of the taxpayer for the year from the disposition in the year of qualified fishing property, within the meaning of section 726.6, to the extent of the lesser of

(a)  the amount included under paragraph b of section 105 in computing the taxpayer’s income for the particular year from the business; and

(b)  the amount determined by the formula

A - B.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the amount by which 1/2 of the aggregate of all amounts each of which is the taxpayer’s proceeds from a disposition, after 10 December 2002, in the particular year or a preceding taxation year of incorporeal capital property in respect of the business that, at the time of the disposition, was a qualified fishing property of the taxpayer, exceeds the amount determined under the third paragraph; and

(b)  B is the aggregate of all amounts each of which is an amount deemed under this division to be a taxable capital gain of the taxpayer for a taxation year preceding the particular year from the disposition of qualified fishing property of the taxpayer.

The amount to which subparagraph a of the second paragraph refers is 1/2 of the aggregate of all amounts each of which is

(a)  an incorporeal capital amount of the taxpayer in respect of the business that is payable or disbursed in relation to a qualified fishing property disposed of by the taxpayer, after 10 December 2002, in the particular year or a preceding taxation year; or

(b)  an outlay or expense of the taxpayer that was not deductible in computing the taxpayer’s income and was made or incurred for the purpose of making a disposition referred to in subparagraph a.

2004, c. 21, s. 55; 2005, c. 1, s. 39.