I-3, r. 1 - Regulation respecting the Taxation Act

Section 145r4 Disposition versions

2012-09-01

145R4. Despite section 145R3, where a taxpayer is a member of an exempt partnership, within the meaning given to that expression by section 360R2, in a fiscal period of the partnership that begins before 1 January 2000 and ends in a taxation year of the taxpayer, and the taxpayer’s share of the partnership’s adjusted resource profits for the year would, but for this section, be a negative amount, the taxpayer’s share of the partnership’s adjusted resource profits for the year is deemed to be equal to the product obtained, which may be positive or negative, when the particular amount is multiplied

(a)  by zero, where the partnership is an exempt partnership, within the meaning given to that expression by section 360R2, in respect of the taxpayer at the end of the fiscal period and, at that time, all or substantially all of the assets of the partnership were held in connection with one or more working interests the production from which began in reasonable commercial quantities before 21 December 1991 or the production from which was to begin in reasonable commercial quantities after 20 December 1991 in accordance with an agreement in writing made before 21 December 1991; or

(b)  in any other case, by the lesser of one and the fraction that the amount that would be the partnership’s adjusted resource profits for the fiscal period if the partnership did not have any working interest described in paragraph a, is of the partnership’s adjusted resource profits for the fiscal period.

s. 145R3; O.C. 1466-98, s. 29; O.C. 1116-2007, s. 20; O.C. 134-2009, s. 1.