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Separation of trading activities.
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76.—(1) Where a person carries on any petroleum activities as part of a trade and those activities, apart from any other activity, would constitute a trade, then those activities shall be treated for all the purposes of the Tax Acts and the Capital Gains Tax Acts as a separate trade, distinct from all other activities carried on by him as part of the trade, and any necessary apportionment shall be made of receipts and expenses.
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(2) Where a person works a qualifying mine as part of a trade, that activity shall be treated for the purposes of this Chapter as a separate trade, distinct from all other activity carried on by him as part of the trade, and any necessary apportionment shall be made of receipts and expenses.
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