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

Section 156.7.4r1 Disposition versions

2020-09-24

156.7.4R1. Depreciable property of a taxpayer referred to in section 156.7.4 of the Act means property that

(a)  before being acquired by the taxpayer, has not been used for any purpose nor acquired for use or lease for any purpose whatsoever;

(b)  is included in Class 50 or 53 in Schedule B; and

(c)  must begin to be used within a reasonable time after being acquired and be, for a period of at least 730 consecutive days after the day on which that use begins, or a shorter period in the case of the involuntary loss or destruction of the property by fire, theft or water, or material breakdown of the property, used mainly in Québec and in the course of the carrying on of a business by

i.  the taxpayer, at any time in that period during which the taxpayer owns the property and does not lease it to another person,

ii.  a person, other than the taxpayer, having acquired the property in any of the circumstances described in section 130R149, at any time in that period during which the person owns the property and does not lease it to another person, or

iii.  a lessee of the property, at any time in that period during which the taxpayer or, where applicable, a person referred to in subparagraph ii leases the property to the lessee.

S.Q. 2020, c. 16, s. 251.