I-3 - Taxation Act

Section 189.0.1 Disposition versions

2019-06-19

189.0.1. (Repealed).

1994, c. 22, s. 118; 1997, c. 3, s. 71; 2019, c. 14, s. 88.

2006-03-01

189.0.1. Notwithstanding section 188, where at any time a partnership is dissolved in circumstances to which Divisions II and III of Chapter IV of Title XI do not apply, a taxpayer who was a member of the partnership immediately before that time may deduct, in computing his income for his first taxation year beginning after that time, an amount determined by the formula

A × (B / C).

For the purposes of the formula in the first paragraph,

(a)  A is the amount that would, had the partnership not been dissolved, have been deductible under section 188 in computing its income;

(b)  B is the fair market value of the taxpayer’s interest in the partnership immediately before that time;

(c)  C is the fair market value of all of the interests in the partnership immediately before that time.

1994, c. 22, s. 118; 1997, c. 3, s. 71.