Oil Pipeline Uniform Accounting Regulations

44 (1) Where land is retired or sold, account 30 (Transportation Plant), account 34 (Other Plant), or account 38 (Transportation Plant Leased to Others) shall be credited with the book cost of the land.

(2) Where the gain or loss from the sale or retirement of land is material the company shall inform the Regulator and shall transfer the amount of the gain or loss to account 402 (Extraordinary Income) or to account 422 (Extraordinary Income Deductions), as applicable.

(3) Where the gain or loss from the sale or retirement of land is not material, the company shall transfer the amount of the gain or loss to account 410 (Other Income) or to account 420 (Other Income Deductions), as applicable.