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I-4 - Act respecting the application of the Taxation Act
Section 20
Disposition versions
20. In determining a taxpayer’s income from farming or fishing for a taxation year, section 94 of the Taxation Act (chapter I-3) does not apply where the taxpayer has disposed of property acquired before 1972 (other than property that was, at any time, incorporeal capital property within the meaning of that Act, as it read at that time) unless the taxpayer has elected to deduct for that taxation year or for a previous year an amount in respect of property acquired before 1972 according to the regulations made under paragraph a of section 130 of the Taxation Act, other than a regulation providing solely for an allowance for computing income from farming or fishing.
20. To determine the income of a taxpayer from farming or fishing for a taxation year, section 94 of the Taxation Act (chapter I-3) does not apply where the taxpayer has disposed of a property acquired before 1972 unless he has elected to deduct for that taxation year or for a previous year an amount in respect of a property acquired before 1972 according to the regulations made under paragraph a of section 130 of the Taxation Act, other than a regulation providing only for an allowance for purposes of computing income from farming or fishing.
