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Income Tax Regulations

Version of section 8104 from 2009-07-30 to 2013-06-25:

  •  (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).

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/96-443, s. 3
  • SOR/2009-222, s. 6

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