I-3 - Taxation Act

Section 1129.41.3 Disposition versions

2006-03-01

1129.41.3. Every taxpayer who is a member of a partnership and who is deemed to have paid an amount to the Minister, under section 1029.8.33.14, on account of the taxpayer’s tax payable under Part I for a particular taxation year in respect of the taxpayer’s share of an aggregate of qualified expenditures determined in respect of the partnership for a fiscal period of the partnership shall, where, during a subsequent fiscal period of the partnership, an amount relating to such expenditures is, directly or indirectly, refunded or otherwise paid to the partnership or allocated to a payment to be made by the partnership, pay, for the taxation year in which that subsequent fiscal period ends, a tax equal to the taxpayer’s share, for that subsequent fiscal period, of

(a)  where a percentage was applied, for the fiscal period that ends in the particular taxation year, to reduce the qualified expenditure under section 1029.8.33.14, the product obtained by multiplying the amount so refunded, paid or allocated by that percentage; and

(b)  in any other case, the amount so refunded, paid or allocated.

1997, c. 85, s. 308; 2000, c. 39, s. 240; 2004, c. 21, s. 472.