I-3 - Taxation Act

Section 1129.33.3 Disposition versions

2009-06-04

1129.33.3. Every taxpayer who is a member of a partnership and who is deemed to have paid to the Minister, under section 1029.8.21.6, an amount as partial payment of tax payable under Part I for any taxation year in respect of the taxpayer’s share of an amount of the acquisition costs incurred by the partnership, in respect of a qualified property, in the partnership’s fiscal period ending in that year, shall pay, for a particular taxation year, the aggregate of

(a)  the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.6, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the day that is six months after the end of the partnership’s fiscal period ending in the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the partnership and the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the partnership, and that time is also within the portion of that period in which the partnership owns the property, or

(2)  by a person who acquired the property from the partnership in any of the circumstances described in section 130R149 of the Regulation respecting the Taxation Act (chapter I-3, r. 1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the validation certificate issued to the partnership in relation to the qualified property is revoked;

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during a fiscal period of the partnership ending in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount, in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership, the amount obtained by applying to the taxpayer’s share of the amount so refunded, paid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6; and

(c)  where paragraph a does not apply in the particular year nor has been applied to a preceding taxation year in relation to the property and, in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer, the amount obtained by applying to the amount so refunded, paid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6.

For the purposes of the first paragraph, the taxpayer’s share of an amount refunded, paid or allocated is equal to the agreed proportion of the amount in respect of the taxpayer for the partnership’s fiscal period that ends in the particular taxation year.

1997, c. 85, s. 307; 2000, c. 39, s. 264; 2007, c. 12, s. 257; 2009, c. 15, s. 403.

2007-11-07

1129.33.3. Every taxpayer who is a member of a partnership and who is deemed to have paid to the Minister, under section 1029.8.21.6, an amount as partial payment of tax payable under Part I for any taxation year in respect of the taxpayer’s share of an amount of the acquisition costs incurred by the partnership, in respect of a qualified property, in the partnership’s fiscal period ending in that year, shall pay, for a particular taxation year, the aggregate of

(a)  the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.6, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the day that is six months after the end of the partnership’s fiscal period ending in the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the partnership and the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the partnership, and that time is also within the portion of that period in which the partnership owns the property; or

(2)  by a person who acquired the property from the partnership in any of the circumstances described in section 130R71 of the Regulation respecting the Taxation Act (R.R.Q., 1981, chapter I-3, r.1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the validation certificate issued to the partnership in relation to the qualified property is revoked;

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during a fiscal period of the partnership ending in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount, in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership, the amount obtained by applying to the taxpayer’s share of the amount so refunded, paid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6; and

(c)  where paragraph a does not apply in the particular year nor has been applied to a preceding taxation year in relation to the property and, in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, refunded or otherwise paid to the taxpayer or allocated to a payment to be made by the taxpayer, the amount obtained by applying to the amount so refunded, paid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6.

For the purposes of the first paragraph, the taxpayer’s share of an amount refunded, paid or allocated is equal to such proportion of that amount as the share of the taxpayer of the income or loss of the partnership for the fiscal period of that partnership ending in the particular 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.

1997, c. 85, s. 307; 2000, c. 39, s. 264; 2007, c. 12, s. 257.

2006-03-01

1129.33.3. Every taxpayer who is a member of a partnership and who is deemed to have paid to the Minister, under section 1029.8.21.6, an amount as partial payment of tax payable under Part I for any taxation year in respect of the taxpayer’s share of an amount of the acquisition costs incurred by the partnership, in respect of a qualified property, in the partnership’s fiscal period ending in that year, shall pay, for a particular taxation year, the aggregate of

(a)  the amount by which the aggregate of all amounts each of which is an amount the taxpayer is deemed to have paid to the Minister, under section 1029.8.21.6, in respect of the property for a taxation year preceding the particular year, exceeds the aggregate of all amounts each of which is tax the taxpayer is required to pay under this section in respect of the property for a taxation year preceding the particular year, where

i.  at any time between the day that is six months after the end of the partnership’s fiscal period ending in the preceding taxation year and the day after the earlier of the day that is the end of the period of 730 days following the beginning of the use of the qualified property by the partnership and the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the property ceases, otherwise than by reason of the loss or involuntary destruction of the property by fire, theft or water or of a major breakdown of the property, to be used solely in Québec to earn income from a dry-cleaning business operated

(1)  by the partnership, and that time is also within the portion of that period in which the partnership owns the property; or

(2)  by a person who acquired the property from the partnership in any of the circumstances described in section 130R71 of the Regulation respecting the Taxation Act (R.R.Q., 1981, chapter I-3, r.1), and that time is also within the portion of that period in which the person owns the property, or

ii.  on or before the day that is six months after the end of the partnership’s fiscal period ending in the particular year, the validation certificate issued to the partnership in relation to the qualified property is revoked;

(b)  where paragraph a does not apply to the particular year nor has been applied to a preceding taxation year in relation to the property and where, during a fiscal period of the partnership ending in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount, in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, repaid to the partnership or allocated to a payment to be made by the partnership, the amount obtained by applying to the taxpayer’s share of the amount so repaid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6; and

(c)  where paragraph a does not apply in the particular year nor has been applied to a preceding taxation year in relation to the property and, in the particular year, an amount relating to those acquisition costs, in respect of which the taxpayer is deemed, under section 1029.8.21.6, to have paid an amount in relation to the taxpayer’s share of those costs, for a taxation year preceding the particular year, is, directly or indirectly, repaid to the taxpayer or allocated to a payment to be made by the taxpayer, the amount obtained by applying to the amount so repaid or allocated the percentage applied to the taxpayer’s share of the amount of the acquisition costs for the particular taxation year under section 1029.8.21.6.

For the purposes of the first paragraph, the taxpayer’s share of an amount repaid or allocated is equal to such proportion of that amount as the share of the taxpayer of the income or loss of the partnership for the fiscal period of that partnership ending in the particular 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.

1997, c. 85, s. 307; 2000, c. 39, s. 264.