I-3, r. 1 - Regulation respecting the Taxation Act

Section 360r60 Disposition versions

2012-09-01

360R60. Where, during a taxation year ending after 17 February 1987, an original owner of a property disposes of it in circumstances where section 360R18 applies, the amount determined in respect of the original owner for the year is, for the purposes of paragraph e of section 360R55 and of paragraph b of section 360R59, equal to the lesser of

(a)  the aggregate of the amounts each of which is equal to the amount by which the amount deducted under paragraph a of section 360R59 in respect of such disposition during the year by the original owner exceeds the amount that the original owner designates, in prescribed form filed with the Minister within 6 months following the end of the year, in respect of the amount so deducted; and

(b)  the amount deducted by the original owner under section 360R17 in computing the original owner’s income for the year.

s. 360R28.0.1; O.C. 35-96, s. 52; O.C. 134-2009, s. 1.