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Disregard of profits or gains, or losses, in the case of exempted trading operations.
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4.—(1) Profits or gains arising from, or losses sustained in, exempted trading operations shall not be taken into account for any purpose of the Income Tax Acts, or of the Corporation Profits Tax Acts, in relation to the company by which such operations are carried on.
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(2) Where the trade carried on by a company consists partly of exempted trading operations and partly of other trading operations, the amount of the profits or gains arising from, or of the loss sustained in, such other trading operations shall, for any purpose of the Income Tax Acts, be computed as it would have been computed for that purpose if the company were carrying on two distinct trades consisting respectively of the exempted trading operations and of the other trading operations.
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