I-3 - Taxation Act

Section 188 Disposition versions

2019-06-19

188. (Repealed).

1972, c. 23, s. 177; 1993, c. 16, s. 95; 2003, c. 2, s. 64; 2005, c. 1, s. 71; 2019, c. 14, s. 86.

2006-03-01

188. Notwithstanding section 129, where at any time after a taxpayer has ceased to carry on a business, the taxpayer no longer owns any property that was incorporeal capital property in respect of the business and that has value, the following rules apply in computing the taxpayer’s income for taxation years ending after that time:

(a)  there shall be deducted the taxpayer’s eligible incorporeal capital amount in respect of the business at that time for the first such taxation year;

(b)  no amount is deductible by reason of paragraph b of section 130 in respect of the business;

(c)  for the purposes of subparagraph i of subparagraph a of the second paragraph of section 107, the amount deducted by the taxpayer by reason of paragraph a is deemed to be an amount deducted under paragraph b of section 130 in computing the taxpayer’s income from the business for the taxation year that includes that time; and

(d)  for the purposes of section 105, Division III of Chapter II of this Title shall be read without reference to section 110.

1972, c. 23, s. 177; 1993, c. 16, s. 95; 2003, c. 2, s. 64; 2005, c. 1, s. 71.