I-3 - Taxation Act

Section 776.55 Disposition versions

2006-03-01

776.55. For the purposes of section 776.51, the aggregate of all amounts deductible by the individual in computing his taxable income for the year under sections 726.4.5, 726.4.6 and 726.4.7 in respect of film properties shall be established as if it were equal to the lesser of

(a)  the aggregate of the amounts otherwise so deductible in computing his taxable income for the year; and

(b)  the amount by which the amount determined under the second paragraph is exceeded by the aggregate of

i.  the aggregate of all amounts each of which is the individual’s income for the year from the renting or leasing of a film property owned by the individual or by a partnership, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179, and

ii.  the amount by which the aggregate of all amounts each of which is the individual’s taxable capital gain for the year from the disposition of a film property owned by the individual or by a partnership exceeds the aggregate of all amounts each of which is the individual’s allowable capital loss for the year from the disposition of such a film property.

The amount to which subparagraph b of the first paragraph refers is equal to the aggregate of

(a)  the lesser of the amounts determined under subparagraphs a and b of the first paragraph of section 776.54 in respect of the individual for the year; and

(b)  all amounts each of which is the individual’s loss for the year from a film property owned by the individual or by a partnership, other than amounts included in the individual’s share of a loss referred to in section 776.55.1, computed without reference to paragraph a of section 130 and sections 147, 160, 163, 176, 176.4, 176.6 and 179.

1988, c. 4, s. 79; 1989, c. 5, s. 148; 1997, c. 3, s. 71; 2000, c. 5, s. 177.