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I-3 - Taxation Act

Section 455
Disposition versions

Full text
455. Where section 454 applies and the capital cost to the taxpayer of a depreciable property of a prescribed class exceeds the amount determined under that section, the following rules apply for the purposes of sections 93 to 104, 130 and 130.1 and of the regulations made under paragraph a of section 130 or section 130.1:
(a)  the capital cost of such capital property to the transferee is deemed to be the capital cost of such capital property to the taxpayer; and
(b)  the excess is deemed to have been allowed to the transferee in respect of such capital property under the regulations made under paragraph a of section 130 in computing his income for the previous taxation years.
1972, c. 23, s. 371; 1979, c. 18, s. 35; 1979, c. 38, s. 16.
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