I-3 - Taxation Act

Section 1029.8.36.166.60.53 Disposition versions

2021-06-02

1029.8.36.166.60.53. No amount may be deemed to have been paid to the Minister by a qualified corporation for a particular taxation year under section 1029.8.36.166.60.48 or 1029.8.36.166.60.49, in relation to its specified expenses or its share of a qualified partnership’s specified expenses, as the case may be, in respect of a specified property, where, at any time during the period described in the second paragraph, the property ceases, otherwise than by reason of its loss, of its involuntary destruction by fire, theft or water, or of a major breakdown of the property, to be used, where the property is referred to in subparagraph v of paragraph b of the definition of “specified property” in the first paragraph of section 1029.8.36.166.60.36, mainly in Québec or, in any other case, solely in Québec, to earn income from a business carried on

(a)  by the first purchaser of the property, where the first purchaser owns it at the time referred to in the portion before this subparagraph; or

(b)  by a subsequent purchaser of the property that acquired it in any of the circumstances in which section 130R149 of the Regulation respecting the Taxation Act (chapter I-3, r. 1) applies, where the subsequent purchaser owns it at the time referred to in the portion before subparagraph a.

The period to which the first paragraph refers is the period that begins on the particular day on which the property begins to be used by its first purchaser or by a subsequent purchaser that acquired the property in any of the circumstances in which section 130R149 of the Regulation respecting the Taxation Act applies and ends on the earlier of

(a)  the 730th day following the particular day; and

(b)  the qualified corporation’s filing-due date for the particular taxation year or the last day of the six-month period following the end of the qualified partnership’s fiscal period that ends in the particular year, as the case may be.

2021, c. 14, s. 151.