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

Section 104r8 Disposition versions

2012-09-01

104R8. Despite any other provision of this chapter, where a deposit was made by a taxpayer under paragraph b of section 104R3 and the proceeds of disposition in respect of which the deposit was made are not used by any person before 1975, in accordance with the conditions in paragraph a of that section, to acquire a vessel described in subparagraphs a to c of the first paragraph of section 104R7 or to incur any conversion cost with respect to a vessel owned by that person and described in subparagraph b of the first paragraph of that section, the Minister may refund to the taxpayer the deposit, or the part thereof not paid out to the taxpayer under that section.

Where a refund is so made, the taxpayer is required, in computing the income of the taxpayer for the taxation year in which the vessel was disposed of, to add that proportion of the amount that would have been included in computing the taxpayer’s income for the year under Part I of the Act, had the deposit not been made under paragraph b of section 104R3, that the portion of the proceeds of disposition not so used before 1975 as replacement of a vessel is of the total proceeds of disposition.

s. 104R8; O.C. 1981-80, s. 104R8; R.R.Q., 1981, c. I-3, r. 1, s. 104R8; O.C. 134-2009, s. 1.