I-3 - Taxation Act

Section 257.2 Disposition versions

2006-03-01

257.2. For the purposes of paragraph f.2 of section 257, where a taxpayer has in a taxation year received an amount that would, but for this section, be included in computing his income under paragraph w of section 87 in respect of the cost of a property, other than depreciable property, acquired by him in the year, in the three taxation years preceding the year or in the taxation year following the year, he may elect under this section on or before his filing-due date for the year or, where the property is acquired in the taxation year following the year, for that following year, to reduce the cost of the property by such amount as he may specify, not exceeding the least of

(a)  the adjusted cost base, determined without reference to paragraph f.2 of section 257, at the time the property was acquired;

(b)  the amount so received by the taxpayer;

(c)  where the taxpayer has disposed of the property before the year, nil.

1987, c. 67, s. 66; 1994, c. 22, s. 125; 1997, c. 31, s. 40.