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I-3 - Taxation Act
Section 127.11
Disposition versions
127.11. For the purposes of this division, where a particular partnership owes an amount at any time to any person or any other partnership, in this section referred to as the “lender”, each member of the particular partnership is deemed to owe at that time to the lender, on the same terms and conditions as those that apply in respect of the amount owing by the particular partnership to the lender, an amount equal to that proportion of the amount owing to the lender at that time that the fair market value at that time of the member’s interest in the particular partnership is of the fair market value at that time of the interests of all members in the particular partnership.
