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

Section 360r40 Disposition versions

2012-09-01

360R40. Subject to sections 360R15 and 360R16, where, at any time during a taxation year and after 31 December 1986, a corporation acquires property from another person, the following rules apply:

(a)  the corporation must, for the purpose of computing its depletion for oil and gas exploration at any time after that acquisition, add the excess amount computed under paragraph b in respect of the other person; and

(b)  the other person must, for the purpose of computing the person’s depletion for oil and gas exploration at any time after the person’s taxation year during which that acquisition occurred, deduct the amount by which the person’s depletion for oil and gas exploration immediately after that acquisition, assuming for that purpose, where that acquisition results from an amalgamation referred to in section 544 of the Act, that it continued to exist after that acquisition and that no property was acquired or disposed of in the course of the amalgamation, exceeds the amount deducted under section 360R36 in computing the person’s income for that taxation year.

s. 360R16.13; O.C. 1746-88, s. 3; O.C. 91-94, s. 29; O.C. 35-96, s. 40; O.C. 1707-97, s. 98; O.C. 134-2009, s. 1.