I-3 - Taxation Act

Section 332.1.1 Disposition versions

2006-03-01

332.1.1. For the purposes of paragraph a of section 332.1, an amount contemplated therein in respect of a taxpayer for a taxation year is

(a)  an amount that became receivable by the taxpayer in the year but after 31 December 1983 other than an amount that would have been a Canadian oil and gas exploration expense if it had been an expense incurred by him at the time it became receivable;

(b)  an amount that became receivable by the taxpayer in the year but after 31 December 1983, that would have been a Canadian oil and gas exploration expense described in paragraph b or b.1 of section 395 in respect of a qualified tertiary oil recovery project if it had been an expense incurred by him at the time it became receivable; or

(c)  an amount equal to 30% of an amount that became receivable by the taxpayer in the year but during the calendar year 1984 that would have been a Canadian oil and gas exploration expense, other than an expense described in paragraph b of section 395 in respect of a qualified tertiary oil recovery project, incurred in respect of non-conventional lands if it had been an expense incurred by him at the time it became receivable.

1986, c. 15, s. 64.