Income Tax Act — I-3.3 211.92
ied CCUS expenditure resulted in the determination of a CCUS refurbishment tax credit for the year or a previous taxation year, then there shall be added to the tax otherwise payable by the taxpayer under this Part for the year the amount determined by the formula A × B × C ÷ D − E where A is the qualified CCUS expenditure in respect of the property; B is the appropriate specified percentage; C is the amount, not exceeding the amount determined for D, equal to (a) if the property is disposed of to a person who deals at arm’s length with the taxpayer, the proceeds of disposition of the property, or (b) if the property is disposed of to a person who does not deal at arm’s length with the taxpayer, or is exported from Canada, the fair market value of the property; D is the taxpayer’s capital cost of the property; and E is the total of all amounts, each of which can reasonably be considered to be the portion of any amount previously paid by the taxpayer because of subsection (5) in respect of the property, to the extent that the amount did not reduce the tax payable by the taxpayer under this subsection in a preceding taxation year. Election — CCUS project sale (11) If at any time a qualifying taxpayer (referred to in this subsection as the “vendor”) disposes of all or substantially all of its property that is part of a qualified CCUS project of the taxpayer to another taxable Canadian corporation (referred to in this subsection as the “purchaser”) and the vendor and the purchaser jointly elect in prescribed form to have this subsection apply, the following rules apply: (a) the purchaser is deemed to have made the qualifying expenditures of the vendor at the times incurred by the vendor; (b) the provisions of this Act that applied to the vendor in respect of the property that are relevant to the application of the Act in respect of the property after that time are deemed to have applied to the purchaser and, for greater certainty, the purchaser is deemed to have claimed the tax credits determined under section 127.44 that could have been claimed by the vendor, before that time, in respect of the CCUS project; (c) any project plans that were prepared or filed by the vendor in respect of the CCUS project before that time are deemed to have been filed by the purchaser; (d) the purchaser is or will be liable for amounts in respect of the property for which the vendor would be liable under this Part in respect of actions, transactions or events that occur after that time as if the vendor had undertaken them or otherwise participated in them; and (e) subsections (9) and (10) do not apply to the vendor in respect of the disposition of property to the purchaser. Partnerships (12) Subject to section 127.47, if subsection 127.44(11) has at any time applied to add an amount in computing the CCUS tax credit of a current or former member of a partnership, then for the purposes of this Part, subsections (2) to (11) shall apply to determine amounts in respect of the partnership as if the partnership were a taxable Canadian corporation, its fiscal period were its taxation year and it had deducted all of the CCUS tax credits that were previously added in computing the CCUS tax credit of any member of the partnership under subsection 127.44(2) because of the application of subsection 127.44(11) in respect of its partnership interest. Member’s share of tax (13) Unless subsection (14) applies, if, in a taxation year, a taxpayer is a member of a partnership, the amount that can reasonably be considered to be the taxpayer’s share of any amount of tax determined because of subsection (12) in respect of the partnership for its fiscal period ending in the taxation year shall be added to the taxpayer’s tax otherwise payable under this Part for the taxation year. Election by member to pay tax (14) A taxable Canadian corporation that is a member of a partnership during a fiscal period of the partnership may elect, in prescribed form and manner, to add to its