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I-3 - Taxation Act

Section 1029.8.21.34
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Full text
1029.8.21.34. (Repealed).
2001, c. 51, s. 103; 2002, c. 40, s. 121; 2009, c. 15, s. 224.
1029.8.21.34. For the purposes of sections 1029.8.21.35 and 1029.8.21.39 to 1029.8.21.41, a partnership is deemed, in a fiscal period, to be a corporation having the following attributes:
(a)  the corporation’s taxation year corresponds to the partnership’s fiscal period; and
(b)  the voting shares of the corporation’s capital stock are owned at a particular time in the fiscal period by each member of the partnership, in the proportion determined by the formula

A / B.

In the formula provided for in the first paragraph,
(a)  A is the member’s share of the income or loss of the partnership for the fiscal period; and
(b)  B is the income or loss of the partnership for the fiscal period.
Where the income and loss of the partnership for the fiscal period are nil, the formula provided for in the first paragraph shall be applied on the assumption that the partnership’s income for that fiscal period is equal to $1,000,000.
2001, c. 51, s. 103; 2002, c. 40, s. 121.
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