Texasgulf Inc. and Subsidiaries, as Successor in Interest to Texasgulf Inc. and Subsidiaries - Page 9

                                        - 9 -                                         

          (added MTA, R.S.O., ch. 269, sec. 3(7)(d) (1980)); (b) working              
          the mine above and below the ground, including salaries and wages           
          for miners and office workers; (c) operations and maintenance               
          (added MTA, R.S.O., ch. 269, sec. 3(7)(d) (1980)); (d) power and            
          light for mining; (e) transportation of minerals; (f) food and              
          provisions; (g) explosives, fuel, and other supplies; (h)                   
          safeguarding the mine and its output; (i) insurance on the                  
          output, mining plant, machinery, equipment, and buildings; (j)              
          depreciation of the mining plant, machinery, equipment, and                 
          buildings; (k) charitable donations; and (l) certain costs of               
          developing a mine.  Id. sec. 3(3)(d) through (n).  In 1978, 1979            
          and 1980, an OMT operator could claim a depreciation allowance              
          from 5 to 15 percent of the remaining undepreciated cost of its             
          depreciable assets.  Id. sec. 3(3)(k) (1972).                               
               An OMT taxpayer may not deduct expenses for (a) plant,                 
          machinery, equipment, or buildings except as described above; (b)           
          investment capital, investment interest, or stock dividends; (c)            
          depreciation in the value of the mine, mining land, or mining               
          property due to exhaustion of the ore or mineral; (d) royalties             
          paid for the output of a mine on private (i.e., non-Crown) land;            
          and (e) the cost of developing a mine, except as described above.           
          Id. sec. 3(4).  Exploration expenses were not recoverable in                
          1965, but are recoverable in the years in issue.                            







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011