I-3 - Taxation Act

Section 628 Disposition versions

2019-06-19

628. The cost to a person to whom section 626 applies of a property so received is deemed to be equal to the cost amount to a partnership of the property immediately before the particular time, plus, where the property is a non-depreciable capital property of that person and the aggregate determined under paragraph a of section 627 exceeds the aggregate determined under paragraph b of section 627, the portion of such excess designated by that person.

1972, c. 23, s. 474; 1975, c. 22, s. 175; 1988, c. 18, s. 53; 1994, c. 22, s. 216; 1997, c. 3, s. 71; 2003, c. 2, s. 142; 2005, c. 1, s. 125; 2019, c. 14, s. 166.

2006-03-01

628. The cost to the person contemplated in section 626 of property so received is deemed to be equal to the cost amount to the partnership of the property immediately before the particular time, plus, where the property is incorporeal capital property, an amount that is 4/3 of the amount determined under subparagraph a of the second paragraph of section 107 in respect of the partnership’s business immediately before the particular time, and where the aggregate determined under paragraph a of section 627 exceeds the aggregate determined under paragraph b of section 627, the following amount:

(a)  in the case of a non-depreciable capital property of such person, the portion of that excess designated by him;

(b)  (paragraph repealed).

1972, c. 23, s. 474; 1975, c. 22, s. 175; 1988, c. 18, s. 53; 1994, c. 22, s. 216; 1997, c. 3, s. 71; 2003, c. 2, s. 142; 2005, c. 1, s. 125.