Income Tax Regulations

8104 (1) In this section, excluded property, of a taxpayer, means a mark-to-market property of the taxpayer for its taxation year that includes October 31, 1994 if

• (a) the taxpayer had a taxable capital gain or an allowable capital loss for the year from the disposition of the property to which section 142 of the Act applied; or

• (b) in the case of a taxpayer that was non-resident in the year, the property was a capital property other than a taxable Canadian property.

(2) For the purpose of subsection 142.5(6) of the Act, the prescribed amount for a taxpayer’s taxation year that includes October 31, 1994 is the amount, if any, by which

• (a) the total of all amounts each of which is the taxable capital gain of the taxpayer for the year from the disposition, because of subsection 142.5(2) of the Act, of a property other than an excluded property

exceeds the total of

• (b) the total of all amounts each of which is the allowable capital loss of the taxpayer for the year from the disposition, because of subsection 142.5(2) of the Act, of a property other than an excluded property, and

• (c) the amount, if any, by which

  • (i) the total of all amounts each of which is the allowable capital loss of the taxpayer for the year from the disposition of a mark-to-market property (other than an excluded property or a property disposed of because of subsection 142.5(2) of the Act)

  exceeds

  • (ii) the total of all amounts each of which is the taxable capital gain of the taxpayer for the year from the disposition of a mark-to-market property (other than an excluded property or a property disposed of because of subsection 142.5(2) of the Act).