I-3 - Taxation Act

Section 726.4.7 Disposition versions

2006-03-01

726.4.7. Subject to section 726.4.8, where an individual is a member of a partnership at the end of a particular fiscal period of the partnership in which it acquired, as first purchaser, a certified Québec film, he may deduct, in computing his taxable income for a taxation year in which a fiscal period of the partnership ends and at the end of which period he is a member of the partnership and has been such a member, without interruption, from the end of the particular fiscal period, an amount not exceeding the amount by which his portion of the amount obtained by applying the stated percentage, in respect of the film, to the aggregate of the amounts deducted by the partnership in computing its income for that fiscal period or a previous fiscal period, in respect of the film, pursuant to paragraph a of section 130 or the second paragraph of section 130.1, exceeds any amount deducted by the individual under this section, in respect of the film, in computing his taxable income for a previous taxation year.

For the purposes of this section, the portion of an individual is deemed to be equal to the lesser of

(a)  his portion of the profits of the partnership determined without taking account of this paragraph; and

(b)  his portion of the profits of the partnership determined in respect of the fiscal period of the partnership in which it acquired the film.

1989, c. 5, s. 86; 1991, c. 8, s. 16; 1997, c. 3, s. 71.