I-3 - Taxation Act

Section 622 Disposition versions

2020-09-24

622. The cost to each person to whom section 620 applies of an undivided right in each property of the partnership is deemed to be equal to that person’s share of the cost amount to the partnership of the property immediately before its distribution, plus, where the property is a non-depreciable capital property and the amount determined under paragraph a of section 621 in respect of that person exceeds the aggregate determined under paragraph b of section 621 in respect of that person, the portion of such excess designated by that person.

1972, c. 23, s. 468; 1988, c. 18, s. 51; 1994, c. 22, s. 214; 1997, c. 3, s. 71; 2003, c. 2, s. 140; 2005, c. 1, s. 123; 2019, c. 14, s. 163; 2020, c. 16, s. 93.

2019-06-19

622. The cost to each person to whom section 620 applies of undivided interest in each property of a partnership is deemed to be equal to that person’s share of the cost amount to the partnership of the property immediately before its distribution, plus, where the property is a non-depreciable capital property and the amount determined under paragraph a of section 621 in respect of that person exceeds the aggregate determined under paragraph b of section 621 in respect of that person, the portion of such excess designated by that person.

1972, c. 23, s. 468; 1988, c. 18, s. 51; 1994, c. 22, s. 214; 1997, c. 3, s. 71; 2003, c. 2, s. 140; 2005, c. 1, s. 123; 2019, c. 14, s. 163.

2006-03-01

622. The cost to each person contemplated in section 620 of undivided interest in each property of the partnership is deemed to be equal to that person’s share of the cost amount to the partnership of the property immediately before its distribution, plus, where the property is incorporeal capital property, a particular amount that is that person’s share of 4/3 of the amount determined under subparagraph a of the second paragraph of section 107 in respect of the partnership’s business immediately before the particular time and, where the amount determined under paragraph a of section 621 in respect of that person exceeds the aggregate determined under paragraph b of that section 621 in respect of that person, the following amount:

(a)  in the case of a non-depreciable capital property of the partnership, the portion of such excess designated by that person;

(b)  (paragraph repealed).

1972, c. 23, s. 468; 1988, c. 18, s. 51; 1994, c. 22, s. 214; 1997, c. 3, s. 71; 2003, c. 2, s. 140; 2005, c. 1, s. 123.