I-3 - Taxation Act

Section 392 Disposition versions

2006-03-01

392. A taxpayer, in computing his cumulative Canadian development expenses, shall deduct under paragraph c of section 412 the amount that, at a particular time after 6 May 1974, becomes receivable by him from a person with whom he has made an agreement to unitize an oil or gas field in Canada in respect of Canadian development expenses incurred by the taxpayer in respect of the whole or any part of that field.

Furthermore, the person having to pay that amount shall, in computing his Canadian development expenses, include that amount at that time under paragraph a of section 408.

1975, c. 22, s. 88.