I-3 - Taxation Act

Section 851.22.30 Disposition versions

2006-03-01

851.22.30. Where a taxpayer has made an election under section 851.22.29 in which a property was designated under subparagraph d of the second paragraph of that section, the election is deemed not to have been made where the amount that would be the taxpayer’s taxable capital gains from dispositions of property for the taxpayer’s last taxation year that ended before 23 February 1994, if this section and section 851.22.31 did not apply, exceeds the aggregate of

(a)  the amount that would be the taxpayer’s allowable capital losses for the year from dispositions of property if this section and section 851.22.31 did not apply;

(b)  the maximum amount that would have been deductible in computing the taxpayer’s taxable income for the year in respect of the taxpayer’s net capital losses for preceding taxation years if there were sufficient taxable capital gains for the year from dispositions of property; and

(c)  the amount by which the amount that would be the taxpayer’s taxable capital gains for the taxpayer’s last taxation year that ended before 23 February 1994 from dispositions of property if no election were made under section 851.22.29 exceeds the aggregate of

i.  the amount that would be the taxpayer’s allowable capital losses for the year from dispositions of property if no election were made under section 851.22.29, and

ii.  the maximum amount that would be deductible in computing the taxpayer’s taxable income for the year in respect of the taxpayer’s net capital losses for preceding taxation years if no election were made under section 851.22.29.

2001, c. 7, s. 131; 2004, c. 8, s. 168.