I-3 - Taxation Act

Section 645 Disposition versions

2006-03-01

645. Where by virtue of the death of an individual a taxpayer acquires a property that is an interest in a partnership to which, immediately before the individual’s death, sections 639 to 644 applied:

(a)  the taxpayer is deemed to acquire a right to receive partnership property and not to acquire an interest in the partnership;

(b)  the taxpayer is deemed to acquire the right referred to in paragraph a at a cost equal to the amount deemed to be the proceeds of the disposition of the interest in the partnership to the deceased individual under section 436 or subparagraph a of the first paragraph of section 440; and

(c)  section 254 does not apply to such right.

1975, c. 22, s. 178; 1994, c. 22, s. 218; 1997, c. 3, s. 71.