Income Tax Act — I-3.3 66.7
s after the end of the year in respect of an amount determined under clause 66.7(12.1)(b)(i)(A), and (ii) the total of (A) the amount claimed under subsection 66.2(2) by the original owner for the year, and (B) the amount that would, but for paragraph 66.2(1)(d), be determined under subsection 66.2(1) in respect of the original owner for the year is the specified amount in respect of the original owner for the year for the purposes of clause 66.7(12)(c.1)(ii)(A) and of determining the value of D.1 in the definition cumulative Canadian development expense in subsection 66.2(5); and (c) the lesser of (i) the total of all amounts each of which is the amount, if any, by which (A) an amount deducted under paragraph 66.7(12)(d) in respect of a disposition in the year by the original owner exceeds (B) the amount, if any, designated by the original owner in prescribed form filed with the Minister within 6 months after the end of the year in respect of an amount determined under clause 66.7(12.1)(c)(i)(A), and (ii) the total of (A) the amount claimed under subsection 66.4(2) by the original owner for the year, and (B) the amount that would, but for paragraph 66.4(1)(c), be determined under subsection 66.4(1) in respect of the original owner for the year is the specified amount in respect of the original owner for the year for the purposes of clause 66.7(12)(d.1)(ii)(A) and of determining the value of D.1 in the definition cumulative Canadian oil and gas property expense in subsection 66.4(5). Reduction of foreign resource expenses (13) Where after June 5, 1987 an original owner of foreign resource properties disposes of all or substantially all of the original owner’s foreign resource properties to a particular corporation in circumstances in which subsection 66.7(2) applies, the foreign exploration and development expenses incurred by the original owner before that owner so disposed of the properties shall be deemed after the disposition not to have been incurred by the original owner except for the purposes of determining the amounts that may be deducted under that subsection by the particular corporation or any other corporation that subsequently acquires any of the properties. Reduction of foreign resource expenses (13.1) Where in a taxation year an original owner of foreign resource properties in respect of a country disposes of all or substantially all of the original owner’s foreign resource properties in circumstances to which subsection (2.3) applies, (a) in determining the cumulative foreign resource expense of the original owner in respect of the country at any time after the time referred to in subparagraph (2.3)(a)(i), there shall be deducted the amount of that cumulative foreign resource expense determined immediately after the disposition; and (b) for the purpose of paragraph (2.3)(a), the cumulative foreign resource expense of the original owner in respect of the country determined immediately after the disposition that was deducted under subsection 66.21(4) in computing the original owner’s income for the year is deemed to be equal to the lesser of (i) the amount deducted under paragraph (a) in respect of the disposition, and (ii) the amount, if any, by which (A) the specified amount determined under subsection (13.2) in respect of the original owner and the country for the year exceeds (B) the total of all amounts determined under this paragraph in respect of another disposition of foreign resource property in respect of the country made by the original owner before the disposition and in the year. Specified amount — foreign resource expenses (13.2) Where in a taxation year an original owner of foreign resource properties in respect of a country disposes of all or substantially all of the original owner’s foreign resource properties in circumstances to which subsection (2.3) applies, the specified amount in respect of the country and the original owner for the year for the purposes of clause (13.1)(b)(ii)(A) and of de