I-3 - Taxation Act

Section 601 Disposition versions

2009-05-15

601. If an individual who is a member of a partnership immediately before its dissolution, or who is a member of a partnership that, but for section 618, would have been dissolved at a particular time, makes a valid election under subsection 2 of section 99 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 in relation to a fiscal period of the partnership that is referred to in the third or fourth paragraph of section 7, the partnership’s fiscal period is deemed, for the purpose of computing the individual’s income, to have ended immediately before the time it would normally have ended if the partnership had continued to exist.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 2 of section 99 of the Income Tax Act.

1972, c. 23, s. 456; 1978, c. 26, s. 108; 1996, c. 39, s. 164; 1997, c. 3, s. 71; 1997, c. 31, s. 56; 2009, c. 5, s. 189.

2006-03-01

601. The fiscal period of a partnership that, but for section 618, would have been dissolved at a particular time, is deemed to have ended immediately before that time.

However, an individual who is a member of a partnership immediately before its dissolution or who is a member of a partnership that would, but for section 618, have been dissolved at a particular time, may for the purpose of computing his income and if section 7.0.3 does not apply in respect of the partnership, elect that the fiscal period of the partnership be deemed to have ended immediately before the time it would normally have ended if the partnership had continued to exist.

1972, c. 23, s. 456; 1978, c. 26, s. 108; 1996, c. 39, s. 164; 1997, c. 3, s. 71; 1997, c. 31, s. 56.