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I-3 - Taxation Act

Section 737.18.12
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737.18.12. A corporation that, in a taxation year, carries on a recognized business or is a member of a partnership that, in a fiscal period of the partnership ending in that year, carries on a recognized business, shall include, in computing its taxable income for the year, an amount equal to the lesser of
(a)  the amount by which the amount determined in its respect for the year under subparagraph b of the first paragraph of section 737.18.11 exceeds the amount determined in its respect for the year under subparagraph a of that paragraph; and
(b)  its income for the year, computed as if the amount determined in its respect for the year under subparagraph a of the first paragraph of section 737.18.11 and the amount determined in its respect for the year under subparagraph b of that paragraph were nil.
2000, c. 39, s. 49.
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