I-3 - Taxation Act

Section 251.5 Disposition versions

2019-06-19

251.5. (Repealed).

1996, c. 39, s. 69; 1997, c. 3, s. 71; 2003, c. 2, s. 83; 2019, c. 14, s. 101.

2006-03-01

251.5. An individual’s share otherwise determined for a taxation year of the income of a partnership from a business for the partnership’s fiscal period that ends in the year and the individual’s share of the partnership’s taxable capital gain arising under paragraph b of section 105 shall be reduced by such amount as the individual claims, not exceeding the lesser of

(a)  subject to section 251.5.1, the amount by which 1/2 of the individual’s exempt capital gains balance for the year in respect of the partnership exceeds the aggregate of

i.  the amount claimed under section 251.4 by the individual for the year in respect of the partnership, and

ii.  all amounts claimed under this section by the individual for the year in respect of other businesses of the partnership; and

(b)  the amount determined by the formula

A × B / C.

For the purposes of the formula in subparagraph b of the first paragraph,

(a)  A is the amount included under paragraph b of section 105 in computing the income of the partnership from the business for the fiscal period;

(b)  B is the amount that would otherwise be the individual’s share of the partnership’s income from the business for the fiscal period; and

(c)  C is the partnership’s income from the business for the fiscal period.

1996, c. 39, s. 69; 1997, c. 3, s. 71; 2003, c. 2, s. 83.