I-3 - Taxation Act

Section 726.43.2 Disposition versions

2021-06-02

726.43.2. Where the particular amount referred to in the first paragraph of section 726.43 or 726.43.1 and determined in relation to a taxpayer for a particular taxation year is in respect of a single private forest, the taxpayer shall include, in computing taxable income for a taxation year described in the third paragraph (in this paragraph and the second paragraph referred to as the “year concerned”), an amount equal to

(a)  where the particular amount is referred to in the first paragraph of section 726.43, the amount by which the particular amount exceeds the aggregate of all amounts each of which is an amount that the taxpayer included, in computing taxable income, in respect of the particular amount, under section 726.43, for a taxation year preceding the year concerned; or

(b)  where the particular amount is referred to in the first paragraph of section 726.43.1, the amount by which the particular amount exceeds the aggregate of all amounts each of which is an amount that the taxpayer included, in computing taxable income, in respect of the particular amount, under section 726.43.1, for a taxation year preceding the year concerned.

Where the particular amount referred to in the first paragraph of section 726.43 or 726.43.1 and determined in relation to a taxpayer for a particular taxation year is in respect of more than one private forest, the taxpayer shall include, in computing taxable income for a year concerned, an amount equal to

(a)  where the particular amount is referred to in the first paragraph of section 726.43, the greater of the amount that the taxpayer should include in respect of the particular amount for the year concerned but for this paragraph and the lesser of the proportion, described in the fourth paragraph, of the particular amount and the amount by which the particular amount exceeds the aggregate of all amounts each of which is an amount that the taxpayer included in respect of the particular amount in computing taxable income, under section 726.43 or this paragraph, for a taxation year preceding the year concerned; or

(b)  where the particular amount is referred to in the first paragraph of section 726.43.1, the greater of the amount that the taxpayer should include in respect of the particular amount for the year concerned but for this paragraph and the lesser of the proportion, described in the fourth paragraph, of the particular amount and the amount by which the particular amount exceeds the aggregate of all amounts each of which is an amount that the taxpayer included in respect of the particular amount in computing taxable income, under section 726.43.1 or this paragraph, for a taxation year preceding the year concerned.

A taxation year to which the first or second paragraph refers is, in the case of subparagraph a of that paragraph, one of the six taxation years that follow the particular year or, in the case of subparagraph b of that paragraph, one of the nine taxation years that follow the particular year, and

(a)  the taxation year in which the taxpayer disposes of a private forest referred to in that paragraph;

(b)  the taxation year in which ends a partnership’s fiscal period in which the partnership disposes of a private forest referred to in that paragraph; or

(c)  the taxation year in which the taxpayer ceases to be a member of a partnership referred to in section 726.42.

The proportion to which subparagraphs a and b of the second paragraph refer is the proportion that the aggregate of all amounts each of which is an amount referred to in subparagraph a or c of the second paragraph of section 726.42 for the particular year in relation to a private forest in respect of which any of subparagraphs a to c of the third paragraph applies is of the aggregate of all amounts each of which is an amount referred to in subparagraph a or c of the second paragraph of section 726.42 for the particular year in relation to a private forest.

2021, c. 14, s. 66.