I-3 - Taxation Act

Section 217.33 Disposition versions

2015-10-26

217.33. If, because of section 217.32, this section applies in respect of a partnership for a taxation year of a corporation, the adjusted stub period accrual included in the corporation’s qualifying transitional income in respect of the partnership for the year must be computed as if subparagraphs a, b, d and f to m of the second paragraph of section 217.18 were read as follows:

“(a) A is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(b) B is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph a—of the partnership for the particular fiscal period;

“(d) D is the number of days in the particular fiscal period;

“(f) F is an amount equal to zero;

“(g) G is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(h) H is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph g—of the partnership for the particular fiscal period;

“(i) I is the number of days in the particular fiscal period;

“(j) J is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(k) K is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph j—of the partnership for the particular fiscal period;

“(l) L is an amount equal to zero;

“(m) M is the number of days in the particular fiscal period;”.

2013, c. 10, s. 21; 2015, c. 24, s. 50.

2013-06-05

217.33. If, because of section 217.32, this section applies in respect of a partnership for a taxation year of a corporation, the adjusted stub period accrual included in the corporation’s qualifying transitional income in respect of the partnership for the year must be computed as if subparagraphs a, b, d, f to k and m of the second paragraph of section 217.18 were read as follows:

“(a) A is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(b) B is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph a—of the partnership for the particular fiscal period;

“(d) D is the number of days in the particular fiscal period;

“(f) F is an amount equal to zero;

“(g) G is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(h) H is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph g—of the partnership for the particular fiscal period;

“(i) I is the number of days in the particular fiscal period;

“(j) J is the aggregate of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular fiscal period (other than any amount in respect of which a deduction is available under sections 738 to 749);

“(k) K is the aggregate of all amounts each of which is the corporation’s share of a loss or allowable capital loss—to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the aggregate described in subparagraph j—of the partnership for the particular fiscal period;

“(m) M is the number of days in the particular fiscal period;”.

2013, c. 10, s. 21.