Income Tax Regulations — 1101
graph (a); and (d) would otherwise be included in the class. (1af) A separate class is hereby prescribed for each property included in Class 10.1 in Schedule II. (1ag) If more than one property of a taxpayer is described in the same class in Schedule II, and one or more of the properties is a property in respect of which the taxpayer is a transferee that has elected under subsection 13(4.2) of the Act (each of which is referred to in this subsection as an “elected property”), a separate class is prescribed for each elected property of the taxpayer that would otherwise be included in the same class. (1b) and (1c) [Repealed, SOR/79-670, s. 1] Fishing Vessels (2) Where a property of a taxpayer that would otherwise be included in Class 7 in Schedule II is a property in respect of which a depreciation allowance could have been taken under Order in Council (a) P.C. 2798 of April 10, 1942, (b) P.C. 7580 of August 26, 1942, as amended by P.C. 3297 of April 22, 1943, or (c) P.C. 3979 of June 1, 1944, if those Orders in Council were applicable to the taxation year, a separate class is hereby prescribed for each property, including the furniture, fittings and equipment attached thereto. Canadian Vessels (2a) A separate class is hereby prescribed for each vessel of a taxpayer, including the furniture, fittings, radiocommunication equipment and other equipment attached thereto, that (a) was constructed in Canada; (b) is registered in Canada; and (c) had not been used for any purpose whatever before it was acquired by the taxpayer. Offshore Drilling Vessels (2b) A separate class is hereby prescribed for all vessels described in Class 7 in Schedule II, including the furniture, fittings, radiocommunication equipment and other equipment attached thereto, acquired by a taxpayer (a) after May 25, 1976 and designed principally for the purpose of (i) determining the existence, location, extent or quality of accumulations of petroleum or natural gas (other than mineral resources), or (ii) drilling oil or gas wells; or (b) after May 22, 1979 and designed principally for the purpose of determining the existence, location, extent or quality of mineral resources. Vessels and a Structured Financing Facility (2c) Subsections (2a) and (2b) do not apply to a vessel, nor to the furniture, fittings, radio communications equipment and other equipment attached to the vessel, if a structured financing facility relating to any such property has been agreed to by the Minister of Industry under the Department of Industry Act . International Shipping Vessel (2d) A separate class is prescribed for each vessel of a taxpayer described in Class 7 in Schedule II, including the furniture, fittings, radiocommunication equipment and other equipment attached to the vessel, that has been used by the taxpayer to earn income that would not be included in computing the income of the taxpayer because of paragraph 81(1)(c.1) of the Act. Timber Limits and Cutting Rights (3) For the purposes of this Part and Schedules IV and VI, each property of a taxpayer that is (a) a timber limit other than a timber resource property, or (b) a right to cut timber from a limit other than a right that is a timber resource property, is hereby prescribed to be a separate class of property. Industrial Mineral Mines (4) For the purposes of this Part and Schedule V, where a taxpayer has (a) more than one industrial mineral mine in respect of which he may claim an allowance under paragraph 1100(1)(g), (b) more than one right to remove industrial minerals from an industrial mineral mine in respect of which he may claim an allowance under that paragraph, or (c) both such a mine and a right, each such industrial mineral mine and each such right to remove industrial minerals from an industrial mineral mine is hereby prescribed to be a separate class of property. Class 28 — Single Mine Properties (4a) If one or more properties of a taxpayer are described in Class 28 of Schedule II and some or all of the prop