I-3 - Taxation Act

Section 388 Disposition versions

2006-03-01

388. A taxpayer shall, in computing the taxpayer’s foreign exploration and development expenses, deduct the amount that, at a particular time in a taxation year and as a result of a transaction that occurs after 6 May 1974, becomes receivable by the taxpayer as consideration for services rendered or property transferred by the taxpayer, if the original cost of the services or property can reasonably be regarded as having been primarily foreign exploration and development expenses of the taxpayer, or would have been so regarded if they had been incurred by the taxpayer after 1971 and section 372.1 were read without reference to paragraph f thereof.

1975, c. 22, s. 88; 2004, c. 8, s. 69.