Income Tax Regulations — 1100
ed to be the investor’s proportionate share of the production costs incurred in respect of the film or tape to March 1, 1979. (23) For the purposes of paragraph (21)(a), (a) in respect of a film or tape acquired in 1987, other than a film or tape in respect of which paragraph (b) applies, the references in paragraph (21)(a) to “within 60 days after the end of the year” shall be read as references to “before July, 1988”; and (b) in respect of a film or tape acquired in 1987 or 1988 that is included in paragraph (n) of Class 12 in Schedule II and that is part of a series of films or tapes that includes another property included in that paragraph, the references in paragraph (21)(a) to “within 60 days after the end of the year” shall be read as references to “before 1989”. Specified Energy Property (24) Despite subsections (0.1) and (1), in no case shall the total of deductions, each of which is a deduction in respect of property of Class 34, 43.1, 43.2, 47 or 48 in Schedule II that is specified energy property owned by a taxpayer, otherwise allowed to the taxpayer under subsection (0.1) or (1) in computing the taxpayer’s income for a taxation year, exceed the amount, if any, by which (a) the total of all amounts each of which is (i) the total of (A) the amount that would be the income of the taxpayer for the year from property described in Class 34, 43.1, 43.2, 47 or 48 in Schedule II (other than specified energy property), or from the business of selling the product of that property, if that income were calculated after deducting the maximum amount allowable in respect of the property for the year under paragraph 20(1)(a) of the Act, and (B) the taxpayer’s income for the year from specified energy property or from the business of selling the product of that property, computed without regard to paragraph 20(1)(a) of the Act, or (ii) the total of (A) the taxpayer’s share of the amount that would be the income of a partnership for the year from property described in Class 34, 43.1, 43.2, 47 or 48 in Schedule II (other than specified energy property), or from the business of selling the product of that property, if that income were calculated after deducting the maximum amount allowable in respect of the property for the year under paragraph 20(1)(a) of the Act, and (B) the income of a partnership for the year from specified energy property or from the business of selling the product of that property of the partnership, to the extent of the taxpayer’s share of that income, exceeds (b) the total of all amounts each of which is (i) the taxpayer’s loss for the year from specified energy property or from the business of selling the product of that property, computed without regard to paragraph 20(1)(a) of the Act, or (ii) the loss of a partnership for the year from specified energy property or from the business of selling the product of that property of the partnership, to the extent of the taxpayer’s share of that loss. (25) Subject to subsections (27) to (29), in this section and section 1101, specified energy property of a taxpayer or partnership (in this subsection referred to as “the owner”) for a taxation year means property of Class 34 in Schedule II acquired by the owner after February 9, 1988 and property of Class 43.1, 43.2, 47 or 48 in Schedule II, other than a particular property (a) acquired to be used by the owner primarily for the purpose of gaining or producing income from a business carried on in Canada (other than the business of selling the product of the particular property) or from another property situated in Canada, or (b) leased in the year, in the ordinary course of carrying on a business of the owner in Canada, to (i) a person who can reasonably be expected to use the property primarily for the purpose of gaining or producing income from a business carried on in Canada (other than the business of selling the product of the particular property) or from another property situated in Canada, or (ii) a corporation