I-3 - Taxation Act

Section 217.31 Disposition versions

2013-06-05

217.31. For the purpose of determining a corporation’s qualifying transitional income, the income or loss of a partnership for a fiscal period must be computed as if

(a)  the partnership had deducted for the fiscal period the maximum amount deductible in respect of any expense, reserve or other amount;

(b)  this Act were read without reference to subparagraph b of the second paragraph of section 194; and

(c)  the partnership had made a valid election for the purposes of paragraph a of section 34 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).

2013, c. 10, s. 21.