Income Tax Regulations — 7001
 the holder of the obligation and not the debtor under the obligation. (5) For the purpose of determining the amount by which an indexed payment under an indexed debt obligation has increased or decreased over a period because of a change in the purchasing power of money, the amount of the indexed payment at any time shall be determined using the method for computing the amount of the payment at the time it is to be made, adjusted in a reasonable manner to take into account the earlier date of computation. (6) For the purposes of this section, the non-indexed debt obligation associated with an indexed debt obligation is the debt obligation that would result if the indexed debt obligation were amended to eliminate all adjustments determined by reference to changes in the purchasing power of money. (7) In this section, excluded payment with respect to a taxpayer for a taxation year means an indexed payment under an indexed debt obligation where (a) the non-indexed debt obligation associated with the indexed debt obligation provides for the payment, at least annually, of interest at a single fixed rate, and (b) the indexed payment corresponds to one of the interest payments referred to in paragraph (a), but does not include payments under an indexed debt obligation where, at any time in the year, the taxpayer’s proportionate interest in a payment to be made under the obligation after that time differs from the taxpayer’s proportionate interest in any other payment to be made under the obligation after that time; ( paiement exclu ) indexed payment means, in relation to an indexed debt obligation, an amount payable under the obligation that is determined by reference to the purchasing power of money; ( paiement indexé ) inflation adjustment period of an indexed debt obligation means, in relation to a taxpayer, (a) where the taxpayer acquires and disposes of the taxpayer’s interest in the obligation in the same regular adjustment period of the obligation, the period that begins when the taxpayer acquires the interest in the obligation and ends when the taxpayer disposes of the interest, and (b) in any other case, each of the following consecutive periods: (i) the period that begins when the taxpayer acquires the taxpayer’s interest in the obligation and ends at the end of the regular adjustment period of the obligation in which the taxpayer acquires the interest in the obligation, (ii) each succeeding regular adjustment period of the obligation throughout which the taxpayer holds the interest in the obligation, and (iii) where the taxpayer does not dispose of the interest in the obligation at the end of a regular adjustment period of the obligation, the period that begins immediately after the last period referred to in subparagraphs (i) and (ii) and that ends when the taxpayer disposes of the interest in the obligation; ( période de redressement pour inflation ) regular adjustment period of an indexed debt obligation means (a) where the terms or conditions of the obligation provide that, while the obligation is outstanding, indexed payments are to be made at regular intervals not exceeding 12 months in length, each of the following periods: (i) the period that begins when the obligation is issued and ends when the first indexed payment is required to be made, and (ii) each succeeding period beginning when an indexed payment is required to be made and ending when the next indexed payment is required to be made, (b) where paragraph (a) does not apply and the obligation is outstanding for less than 12 months, the period that begins when the obligation is issued and ends when the obligation ceases to be outstanding, and (c) in any other case, each of the following periods: (i) the 12-month period that begins when the obligation is issued, (ii) each succeeding 12-month period throughout which the obligation is outstanding, and (iii) where the obligation ceases to be outstanding at a time other than the end of a 12-month period referred