Income Tax Act — I-3.3 127.52
Adjusted taxable income determined 127.52 (1) Subject to subsection 127.52(2), an individual’s adjusted taxable income for a taxation year is the amount that would be the individual’s taxable income for the year or the individual’s taxable income earned in Canada for the year, as the case may be, if it were computed on the assumption that (a) [Repealed, 1999, c. 22, s. 50(2)] (b) the total of all amounts each of which is an amount deductible under paragraph 20(1)(a) or any of paragraphs 20(1)(c) to 20(1)(f) in computing the individual’s income for the year in respect of a rental or leasing property (other than an amount included in the individual’s share of a loss referred to in paragraph 127.52(1)(c.1)) were the lesser of the total of all amounts otherwise so deductible and the amount, if any, by which the total of (i) the total of all amounts each of which is the individual’s income for the year from the renting or leasing of a rental or leasing property owned by the individual or by a partnership, computed without reference to paragraphs 20(1)(a) and 20(1)(c) to 20(1)(f), and (ii) the amount, if any, by which (A) the total of all amounts each of which is the individual’s taxable capital gain for the year from the disposition of a rental or leasing property owned by the individual or by a partnership exceeds (B) the total of all amounts each of which is the individual’s allowable capital loss for the year from the disposition of a rental or leasing property owned by the individual or by a partnership exceeds the total of all amounts each of which is the individual’s loss for the year from the renting or leasing of a rental or leasing property owned by the individual or by a partnership (other than an amount included in the individual’s share of a loss referred to in paragraph 127.52(1)(c.1)), computed without reference to paragraphs 20(1)(a) and 20(1)(c) to 20(1)(f); (c) the total of all amounts each of which is an amount deductible under paragraph 20(1)(a) or any of paragraphs 20(1)(c) to 20(1)(f) in computing the individual’s income for the year in respect of a film property referred to in paragraph 127.52(1)(w) of Class 10 of Schedule II to the Income Tax Regulations (other than an amount included in the individual’s share of a loss referred to in paragraph 127.52(1)(c.1)) were the lesser of the total of all amounts otherwise so deductible by the individual for the year and the amount, if any, by which the total of (i) the total of all amounts each of which is the individual’s income for the year from the renting or leasing of a film property owned by the individual or by a partnership, computed without reference to paragraphs 20(1)(a) and 20(1)(c) to 20(1)(f), and (ii) the amount, if any, by which (A) the total of all amounts each of which is the individual’s taxable capital gain for the year from the disposition of such a film property owned by the individual or by a partnership exceeds (B) the total of all amounts each of which is the individual’s allowable capital loss for the year from the disposition of such a film property owned by the individual or by a partnership exceeds the total of all amounts each of which is the individual’s loss for the year from such a film property owned by the individual or by a partnership (other than amounts included in the individual’s share of a loss referred to in paragraph 127.52(1)(c.1)), computed without reference to paragraphs 20(1)(a) and 20(1)(c) to 20(1)(f); (c.1) if, during a partnership’s fiscal period that ends in the year (other than a fiscal period that ends because of subsection 99(1)), the individual’s interest in the partnership is an interest for which an identification number is required to be, or has been, obtained under section 237.1, (i) the individual’s share of allowable capital losses of the partnership for the fiscal period were the lesser of (A) the total of all amounts each of which is the individual’s (I) share of a taxable capital gain for the fiscal peri