Versions of s. 66(15), definition “reserve amount”

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

reserve amount of a corporation for a taxation year in respect of an owner or predecessor owner of a Canadian resource property means the amount determined by the formula A - B where A is the total of all amounts that are required by subsection 59(2) to be included in computing the corporation’s income for the year, and in respect of a reserve, deducted in computing the income of the original owner or predecessor owner and deemed by paragraph 87(2)(g) or by virtue of that paragraph and paragraph 88(1)(e.2) to have been deducted by the corporation as a reserve in computing its income for a preceding taxation year, and B is the total of amounts deducted in computing the corporation’s income for the year by virtue of subsection 64(1), 64(1.1) or 64(1.2) in respect of dispositions by the original owner or predecessor owner, as the case may be; (provision)

Full text

reserve amount of a corporation for a taxation year in respect of an owner or predecessor owner of a Canadian resource property means the amount determined by the formula A - B where A is the total of all amounts that are required by subsection 59(2) to be included in computing the corporation’s income for the year, and in respect of a reserve, deducted in computing the income of the original owner or predecessor owner and deemed by paragraph 87(2)(g) or by virtue of that paragraph and paragraph 88(1)(e.2) to have been deducted by the corporation as a reserve in computing its income for a preceding taxation year, and B is the total of amounts deducted in computing the corporation’s income for the year by virtue of subsection 64(1), 64(1.1) or 64(1.2) in respect of dispositions by the original owner or predecessor owner, as the case may be; (provision)
2004-08-31 to 2017-12-14 View Source

reserve amount of a corporation for a taxation year in respect of an owner or predecessor owner of a Canadian resource property means the amount determined by the formula A - B where A is the total of all amounts that are required by subsection 59(2) to be included in computing the corporation’s income for the year, and in respect of a reserve, deducted in computing the income of the original owner or predecessor owner and deemed by paragraph 87(2)(g) or by virtue of that paragraph and paragraph 88(1)(e.2) to have been deducted by the corporation as a reserve in computing its income for a preceding taxation year, and B is the total of amounts deducted in computing the corporation’s income for the year by virtue of subsection 64(1), 64(1.1) or 64(1.2) in respect of dispositions by the original owner or predecessor owner, as the case may be;