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• (3) For the purposes of subsection (1), where the number of days in the taxation year of a corporation, commission or association immediately preceding the particular taxation year referred to therein is less than 183, the amount determined for it under that subsection shall be the greater of

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  • (b) the amount that would be determined for it under subsection (1) if the reference therein to “its taxation year immediately preceding the particular year” were read as a reference to “its last taxation year, preceding the particular year, in which the number of days exceeds 182”.

• (4) Notwithstanding subsections (1) and (2), for the purposes of sections 14 and 15 of the Act,

  • (a) where a particular taxation year of a new corporation that was formed as a result of an amalgamation (within the meaning assigned by section 87 of the Income Tax Act) is its first taxation year,

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• (7) The amount of an instalment of tax for the taxation year referred to in paragraphs (6)(a) and (b) that a parent is deemed under subsection 15(5) of the Act to have been liable to pay before the particular time referred to in subsection (6) shall be determined as if subsection (6) were not applicable in respect of a distribution of property described in that subsection occurring after the day on or before which the instalment was required to be paid.

• (8) Subject to subsection (9), where at a particular time a corporation (in this subsection referred to as the “transferor”) has disposed of all or substantially all of its property to another corporation with which it was not dealing at arm’s length (in this subsection and subsection (9) referred to as the “transferee”) and subsection 85(1) or (2) of the Income Tax Act applied in respect of the disposition of any of the property, the following rules apply:

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• (9) The amount of an instalment of tax for the taxation year referred to in paragraphs (8)(a) and (b) that a transferee is deemed under subsection 15(5) of the Act to have been liable to pay before the particular time referred to in subsection (8) shall be determined as if subsection (8) were not applicable in respect of a disposition of property described in that subsection occurring after the day on or before which the instalment was required to be paid.

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• 10 (1) For the purposes of sections 7 and 8, where a reference therein to the “tax payable under Part I of the Act” is to the tax payable for a taxation year ending before 1983, it shall be read as a reference to the “tax that would have been payable under Part I of the Act if it were applicable to the 1979 and subsequent taxation years and if the definition resource royalty in subsection 2(1) of the Act were read without reference to “after December 31, 1980” and section 9 of the Act were read without reference to subsection (2) thereof and if the references to “8%” in subsections 9(1) (in its application to taxation years ending before 1982) and 9(3) of the Act were read as references to “12%” ”.

• (2) For the purposes of sections 7 and 8, where a reference therein to the “tax payable on production revenue under Part I of the Act” is to the tax payable for a taxation year ending before 1983, it shall be read as a reference to the “tax that would have been payable on production revenue under Part I of the Act if it were applicable to the 1979 and subsequent taxation years and if the definition resource royalty in subsection 2(1) of the Act were read without reference to “after December 31, 1980” and section 9 of the Act were read without reference to subsection (2) thereof and if the references to “8%” in subsections 9(1) (in its application to taxation years ending before 1982) and 9(3) of the Act were read as references to “12%” ”.

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• 5.3 (1) For the purposes of sections 82 and 82.1 of the Act, as those sections read before December 12, 1988, each of the following expenses is a prescribed exploration and development expense of a taxpayer:

  • (a) a Canadian exploration expense of the taxpayer in respect of a project that was a prescribed project at the time the expense was made or incurred that, subject to subsection (2),

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    • (ii) would be referred to in subparagraph 66.1(6)(a)(iv) or (v) of the Income Tax Act if the references in those subparagraphs to “referred to in any of subparagraphs (i) to (iii.1)” were read as “that would be referred to in subparagraph (ii) or (ii.1) if each of those subparagraphs were read without reference to clause (B) thereof”; and

  • (b) a Canadian development expense of the taxpayer in respect of a project that was a prescribed project at the time the expense was made or incurred that, subject to subsection (2),

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    • (ii) would be referred to in subparagraph 66.2(5)(a)(iv) or (v) of the Income Tax Act if the references in those subparagraphs to “any of subparagraphs (i) to (iii)” were read as “subparagraph (i) or (i.1)”.

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5.1 For the purposes of paragraph 5(2)(e) of the Act, there may be deducted in computing the income of a taxpayer for a taxation year

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• (d) the taxpayer was not allowed any deduction under paragraph 82(2)(e) or subsection 82(3.2) of the Act, as those provisions read before December 12, 1988;

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• (f) the taxpayer has not included any amount in the taxpayer’s production revenue by virtue of subsection 82(5) of the Act, as that subsection read before December 12, 1988; and

• (g) paragraph 82(1)(b.1) of the Act, as that paragraph read before December 12, 1988, is read without reference to “or resource royalty”.

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5.5 For the purposes of section 83 and subsection 99(7) of the Act, as those provisions read before December 12, 1988, a prescribed oil or gas well is an oil or gas well the drilling of which began after March 31, 1985, but does not include a well that is

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• (b) part of a project described in paragraph (a) or (c) of the definition approved recovery project in subsection 79(1) of the Act, as that subsection read before December 12, 1988.

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