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I-3 - Taxation Act

Section 177
Disposition versions

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177. A taxpayer may deduct the part of any loan or indebtedness repaid by him in the year and which he included under section 113 in computing his income for a preceding taxation year, if it is established that the repayment was not made as part of a series of transactions and repayments.
This section applies only to the extent that the amount of the loan or indebtedness was not deductible for the purpose of computing the taxpayer’s taxable income for that preceding taxation year.
1972, c. 23, s. 164; 1973, c. 17, s. 15; 1984, c. 15, s. 45; 1985, c. 25, s. 37; 1994, c. 22, s. 115.
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