I-3 - Taxation Act

Section 1029.8.116.3 Disposition versions

2009-06-04

1029.8.116.3. (Repealed).

2005, c. 1, s. 267; 2009, c. 15, s. 341.

2006-03-01

1029.8.116.3. For the purposes of paragraph b of the definition of “work income” in section 1029.8.116.1, where an individual is a member of a partnership at the end of a fiscal period of the partnership, any amount deducted by the partnership under section 130 or 130.1 in computing its income from a business for that fiscal period is deemed to have been deducted by the individual under either of those sections, to the extent of the individual’s share of that amount, in computing the individual’s income from that business for the taxation year in which the fiscal period ended.

For the purposes of the first paragraph, an individual’s share of an amount deducted by the partnership under section 130 or 130.1 is equal to the proportion of that amount that the individual’s share of the income or loss of the partnership for the fiscal period of the partnership ending in the individual’s taxation year is of the income or loss of the partnership for that fiscal period, on the assumption that, if the income and loss of the partnership for that fiscal period are nil, the partnership’s income for that fiscal period is equal to $1,000,000.

2005, c. 1, s. 267.