ITA s.20(16) "Terminal Loss"

Canadian Income Tax 66th Edition Division B: Computation of Income Subdivision B: Income or Loss from a Business or Property s.(20)(16)"Terminal Loss" - Not withstanding paragraphs 18(1)(a), (b), and (h), where at the end of a taxation year, a) the total of all amounts used to determine A to D.1 in the definition "undepreciated capital cost" in subsection 13(21) in respect of a taxpayer's depreciable property of a particular class exceeds the total of all amounts used to determine E to K in that definition in respect of that property, and b) the taxpayer no longer owns any property of that class, in computing the taxpayer's income for the year c) there shall be deducted the amount of the excess determined under paragraph (a), and d) no amount shall be deducted for the year under paragraph 1(a) in respect of property of that class.