I-3 - Taxation Act

Section 776.54 Disposition versions

2009-06-04

776.54. For the purposes of section 776.51, the aggregate of all amounts each of which is an amount deductible under paragraph a of section 130 or any of sections 147, 160, 163, 176, 176.4, 176.6, 179, 726.4.1, 726.4.3 and 726.4.4 in computing the individual’s income or taxable income, as the case may be, for the year in respect of a film property that is a property referred to in subparagraph r of the first paragraph of Class 12 of Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1) or paragraph q or r of the second paragraph of Class 10 of that schedule, other than an amount included in the individual’s share of a loss referred to in section 776.55.1, shall be established as if it were equal to the lesser of

(a)  the aggregate of all amounts otherwise so deductible; and

(b)  the amount by which the amount determined under the second paragraph is exceeded by the aggregate of

i.  the aggregate of all amounts each of which is the individual’s income for the year from the renting or leasing of a film property owned by the individual or by a partnership, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179, and

ii.  the amount by which the aggregate of all amounts each of which is the individual’s taxable capital gain for the year from the disposition of such a film property owned by the individual or by a partnership exceeds the aggregate of all amounts each of which is the individual’s allowable capital loss for the year from the disposition of such a film property.

The amount to which subparagraph b of the first paragraph refers is equal to the aggregate of all amounts each of which is the individual’s loss for the year from such a film property owned by the individual or by a partnership, other than amounts included in the individual’s share of a loss referred to in section 776.55.1, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179.

1988, c. 4, s. 79; 1989, c. 5, s. 147; 1997, c. 3, s. 71; 2000, c. 5, s. 176; 2009, c. 15, s. 157.

2006-03-01

776.54. For the purposes of section 776.51, the aggregate of all amounts each of which is an amount deductible under paragraph a of section 130 or any of sections 147, 160, 163, 176, 176.4, 176.6, 179, 726.4.1, 726.4.3 and 726.4.4 in computing the individual’s income or taxable income, as the case may be, for the year in respect of a film property that is a property referred to in subparagraph r of the first paragraph of Class 12 of Schedule B to the Regulation respecting the Taxation Act (R.R.Q., 1981, chapter I-3, r.1) or paragraph q or r of subsection 2 of Class 10 of that schedule, other than an amount included in the individual’s share of a loss referred to in section 776.55.1, shall be established as if it were equal to the lesser of

(a)  the aggregate of all amounts otherwise so deductible; and

(b)  the amount by which the amount determined under the second paragraph is exceeded by the aggregate of

i.  the aggregate of all amounts each of which is the individual’s income for the year from the renting or leasing of a film property owned by the individual or by a partnership, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179, and

ii.  the amount by which the aggregate of all amounts each of which is the individual’s taxable capital gain for the year from the disposition of such a film property owned by the individual or by a partnership exceeds the aggregate of all amounts each of which is the individual’s allowable capital loss for the year from the disposition of such a film property.

The amount to which subparagraph b of the first paragraph refers is equal to the aggregate of all amounts each of which is the individual’s loss for the year from such a film property owned by the individual or by a partnership, other than amounts included in the individual’s share of a loss referred to in section 776.55.1, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179.

1988, c. 4, s. 79; 1989, c. 5, s. 147; 1997, c. 3, s. 71; 2000, c. 5, s. 176.