I-3 - Taxation Act

Section 142.0.1 Disposition versions

2021-06-04

142.0.1. Where a taxpayer to whom an amount is owing as proceeds of disposition of a zero-emission passenger vehicle to which paragraph d.5 of section 99 applies establishes that the amount has become a bad debt in a taxation year, there may be deducted, in computing the taxpayer’s income for the year, the lesser of

(a)  the amount that would be determined by the formula in the first paragraph of section 99.2 in respect of the disposition if the amount determined under subparagraph a of the second paragraph of that section were the amount owing to the taxpayer; and

(b)  the amount by which the capital cost to the taxpayer of the vehicle exceeds the amount that would be determined by the formula in the first paragraph of section 99.2 in respect of the disposition if the amount determined under subparagraph a of the second paragraph of that section were the total amount realized by the taxpayer as proceeds of disposition.

2021, c. 18, s. 29.