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I-3 - Taxation Act

Section 147.1
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147.1. The amount deductible under section 147 shall not exceed the lesser of
(a)  that proportion of 20% of the expense that the number of days in the year is of 365, and
(b)  the amount by which the amount of the expense exceeds the aggregate of all amounts each of which is an amount deductible, in respect of the expense, in computing the taxpayer’s income for a preceding taxation year.
1990, c. 59, s. 88.
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