I-3 - Taxation Act

Section 174.1 Disposition versions

2017-12-07

174.1. For the purposes of sections 87.0.1 and 169 to 174.0.1 and this section, each member of a partnership at a particular time is deemed at that time

(a)  to owe the portion (in this section referred to as the “debt amount”) of any debt or other obligation to pay an amount of the partnership and to own the portion of each property of the partnership that is equal to the following proportion of the debt or other obligation:

i.  the agreed proportion, in respect of the member of the partnership, determined for the partnership’s last fiscal period ending at or before the end of the taxation year referred to in section 169 and at a time when the member is a member of the partnership, and

ii.  if no agreed proportion may be determined, in respect of the member of the partnership, in accordance with subparagraph i, the proportion that the fair market value of the member’s interest in the partnership at the particular time is of the fair market value of all interests in the partnership at the particular time;

(b)  to owe the debt amount to the person to whom the partnership owes the debt or other obligation to pay an amount; and

(c)  to have paid interest on the debt amount that is deductible in computing the member’s income to the extent that an amount in respect of interest paid or payable on the debt amount by the partnership is deductible in computing the partnership’s income.

2015, c. 21, s. 132; 2015, c. 24, s. 40; 2017, c. 29, s. 50.

2015-10-26

174.1. For the purposes of sections 87.0.1 and 169 to 174 and this section, each member of a partnership at a particular time is deemed at that time

(a)  to owe the portion (in this section referred to as the “debt amount”) of any debt or other obligation to pay an amount of the partnership and to own the portion of each property of the partnership that is equal to the following proportion of the debt or other obligation:

i.  the agreed proportion, in respect of the member of the partnership, determined for the partnership’s last fiscal period ending at or before the end of the taxation year referred to in section 169 and at a time when the member is a member of the partnership, and

ii.  if no agreed proportion may be determined, in respect of the member of the partnership, in accordance with subparagraph i, the proportion that the fair market value of the member’s interest in the partnership at the particular time is of the fair market value of all interests in the partnership at the particular time;

(b)  to owe the debt amount to the person to whom the partnership owes the debt or other obligation to pay an amount; and

(c)  to have paid interest on the debt amount that is deductible in computing the member’s income to the extent that an amount in respect of interest paid or payable on the debt amount by the partnership is deductible in computing the partnership’s income.

2015, c. 21, s. 132; 2015, c. 24, s. 40.

2015-10-21

174.1. For the purposes of sections 87.0.1 and 169 to 174 and this section, each member of a partnership at a particular time is deemed at that time

(a)  to owe the portion (in this section referred to as the “debt amount”) of any debt or other obligation to pay an amount of the partnership that is equal to the following proportion of the debt or other obligation:

i.  the agreed proportion, in respect of the member of the partnership, determined for the partnership’s last fiscal period ending at or before the end of the taxation year referred to in section 169 and at a time when the member is a member of the partnership, and

ii.  if no agreed proportion may be determined, in respect of the member of the partnership, in accordance with subparagraph i, the proportion that the fair market value of the member’s interest in the partnership at the particular time is of the fair market value of all interests in the partnership at the particular time;

(b)  to owe the debt amount to the person to whom the partnership owes the debt or other obligation to pay an amount; and

(c)  to have paid interest on the debt amount that is deductible in computing the member’s income to the extent that an amount in respect of interest paid or payable on the debt amount by the partnership is deductible in computing the partnership’s income.

2015, c. 21, s. 132.