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I-3 - Taxation Act

Section 485.18
Disposition versions

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485.18. Where a commercial obligation issued by a partnership is settled at any time after 20 December 1994, the amount designated under any of sections 485.9 to 485.11 in respect of the settlement by the partnership to reduce the adjusted cost base of a capital property acquired by the partnership shall not exceed the amount by which the adjusted cost base at that time to the partnership of the property exceeds the fair market value at that time of the property.
1996, c. 39, s. 142; 1997, c. 3, s. 71.
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