I-3 - Taxation Act

Section 726.4.3 Disposition versions

2006-03-01

726.4.3. An individual who is a member of a partnership at the end of a fiscal period of the partnership may deduct, in computing his taxable income for a taxation year in which the fiscal period ends, an amount not exceeding the aggregate

(a)  of his portion of the aggregate of amounts deducted by a partnership under paragraph a of section 130 or the second paragraph of section 130.1 in computing its income for a fiscal period in respect of a certified Québec film, to the extent that such portion would, but for section 600.0.1, have reduced his portion of the income of the partnership for that fiscal period as determined under paragraph f of section 600 or would, but for the said section 600.0.1, have caused such portion of income so determined to be nil; and

(b)  of his portion of the aggregate of amounts deducted by a partnership under paragraph a of section 130 or the second paragraph of section 130.1 in computing its loss for a fiscal period in respect of a certified Québec film, to the extent that such portion of such amounts has either created or increased such portion of the loss, without exceeding the proportion of the at-risk amount of the individual in respect of the partnership at the end of the fiscal period of the partnership, within the meaning of sections 613.2 to 613.5, that such amounts which have either created or increased such portion of the loss are of the aggregate of all amounts which, but for section 600.0.1, would be his portion of the loss of the partnership for that fiscal period as determined under paragraph g of section 600.

1989, c. 5, s. 86; 1991, c. 8, s. 13; 1997, c. 3, s. 71.