Global Minimum Tax Act — G-3.3 28
he flow-through tax benefits of the owner in respect of the ownership interest for the fiscal year, (ii) the proportional amortization method investment remaining amount of the owner in respect of the ownership interest for the fiscal year, and (iii) the amount, if any, by which the proportional investment reduction amount, of the owner in respect of the ownership interest for the fiscal year, exceeds the other flow-through amounts of the owner in respect of the ownership interest for the fiscal year; and (b) in any other case, the lesser of (i) the flow-through tax benefits of the owner in respect of the ownership interest for the fiscal year, and (ii) the adjusted investment amount of the owner in respect of the ownership interest for the fiscal year. ( avantages fiscaux intermédiaires admissibles ) recapture amount , of an owner in respect of a qualified flow-through ownership interest for a particular fiscal year, means the lesser of (a) the amount determined by the formula A − B + C where A is the other flow-through amounts of the owner in respect of the ownership interest for the particular fiscal year, B is (i) if the ownership interest is a proportional amortization method interest, (A) where the amount determined for C in the formula in the definition excess benefits in this subsection is equal to the proportional investment reduction amount of the owner in respect of the ownership interest for the particular fiscal year, the amount determined for A, and (B) in any other case, the proportional amortization method investment remaining amount of the owner in respect of the ownership interest for the fiscal year immediately preceding the particular fiscal year, and (ii) in any other case, the adjusted investment amount of the owner in respect of the ownership interest for the fiscal year immediately preceding the particular fiscal year, and C is (i) where clause (i)(A) of the description of B applies, nil, and (ii) in any other case, the qualified flow-through tax benefits of the owner in respect of the ownership interest for the fiscal year immediately preceding the particular fiscal year, and (b) the amount determined by the formula D − E where D is the total of all amounts each of which is the qualified flow-through tax benefits of the owner in respect of the ownership interest for a fiscal year preceding the particular fiscal year, and E is the total of all amounts each of which is the recapture amount of the owner in respect of the ownership interest for a fiscal year preceding the particular fiscal year. ( montant de récupération ) tax benefit , of an owner in respect of a qualified flow-through ownership interest (a) includes, in respect of a tax credit, (i) a refund received by the owner in respect of the tax credit, and (ii) any amount received by the owner in exchange for the transfer of the tax credit; and (b) means, in respect of a tax loss attributed to the owner in respect of the ownership interest, the product obtained by multiplying the amount of the tax loss by the statutory income tax rate applicable to the owner in the jurisdiction where it is located. ( avantage fiscal ) Adjusted covered taxes — additions and reductions (2) If an owner holds a qualified flow-through ownership interest in another entity, the adjusted covered taxes of the owner for a fiscal year are deemed to be the amount that would, in the absence of section 8 , be determined by the formula A + B − C where A is the adjusted covered taxes of the owner for the fiscal year, as determined without regard to any amount determined for B or C in respect of the ownership interest for the fiscal year; B is (a) if the ownership interest is a proportional amortization method interest, the amount determined by the formula D − E where D is the qualified flow-through tax benefits, if any, of the owner in respect of the ownership interest for the fiscal year, and E is the amount by which the owner’s current tax expense in respect of covered taxes in