Related Commentary  

129(1)  This subsection explains how the deductions are to be made.

The amount of the loss to be deducted at any step is limited in accordance with sections 24A and 25(4) and (5).

Step 1

Deduct the loss in calculating the person's net income for the specified tax year.

Step 2

This step applies only if the claim is made in relation to both tax years.

Deduct the part of the loss not deducted at Step 1 in calculating the person's net income for the other tax year.

129(2)  There is a priority rule if a person–

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