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I-3 - Taxation Act

Section 419.3
Disposition versions

Full text
419.3. Where the taxpayer contemplated in section 419.1 receives as consideration for the payment or loan property that is not capital property to him, the following rules apply:
(a)  he shall deduct in computing the cost to him of the property at any time the amount of any resource expenses renounced by the corporation in his favour in respect of the payment or loan at or before that time; and
(b)  he shall include in computing the amount referred to in paragraph f of section 330 for a taxation year the amount of any resource expenses renounced by the corporation in his favour in respect of the payment or loan at any time in the year, except to the extent that such amount has been deducted by him under paragraph a.
1985, c. 25, s. 85; 1997, c. 3, s. 71.
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