I-3 - Taxation Act

Section 487.0.2.1 Disposition versions

2017-02-08

487.0.2.1. A taxpayer who, in a taxation year, carries on a farming business in a region that is at any time in the year a drought region or a region of flood or excessive moisture, within the meaning of the regulations, and whose breeding bee stock at the end of the year in respect of the business does not exceed 85% of the taxpayer’s breeding bee stock at the beginning of the year in respect of the business, may deduct, in computing the taxpayer’s income for the year from the business, an amount not exceeding the amount determined for the year, in respect of the taxpayer’s business, by the formula

(A – B) × C.

In the formula in the first paragraph,

(a)  A is the amount by which the aggregate of all the particular amounts included in computing the taxpayer’s income for the year from the business in respect of the sale of breeding bees in the year exceeds the aggregate of all amounts deducted in respect of the particular amounts, under section 153, in computing the taxpayer’s income for the year from the business;

(b)  B is the aggregate of all amounts deducted in computing the taxpayer’s income for the year from the business in respect of the acquisition of breeding bees; and

(c)  C is either 30% if the taxpayer’s breeding bee stock at the end of the year in respect of the business exceeds 70% of the taxpayer’s breeding bee stock at the beginning of the year in respect of the business, or 90% in any other case.

2017, c. 1, s. 127.