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I-3 - Taxation Act
Section 261.4
Disposition versions
261.4. For the purposes of section 261.1, a member of a partnership who acquired an interest in the partnership after 22 February 1994 is deemed to have held the interest on 22 February 1994 where the member acquired the interest
(a) in circumstances in which
i. subparagraph a.1 of the first paragraph of section 440 applied,
ii. the interest was held, on 22 February 1994,
(1) where the member is an individual, by the member’s spouse,
(2) where the member is a trust, by the individual by whose will the trust was created, and
iii. the interest was, immediately before the death of the spouse or the individual, as the case may be, an excluded interest;
(b) in circumstances in which
i. subparagraph iii of subparagraph a of the second paragraph of section 444 applied,
ii. the member’s father or mother held the interest on 22 February 1994, and
iii. the interest was, immediately before the death of the member’s father or mother, an excluded interest;
(c) in circumstances in which
i. subparagraph iii of subparagraph a of the second paragraph of section 450 applied,
ii. the trust referred to in section 450 or the individual by whose will the trust was created held the interest on 22 February 1994, and
iii. the interest was, immediately before the death of the spouse referred to in section 450, an excluded interest; or
(d) before 1 January 1995 pursuant to a document referred to in paragraph a, e or f of section 261.7.
261.4. For the purposes of section 261.1, a member of a partnership who acquired an interest in the partnership after 22 February 1994 is deemed to have held the interest on 22 February 1994 where the member acquired the interest
(a) in circumstances in which
i. subparagraph a.1 of the first paragraph of section 440 applied,
ii. the interest was held, on 22 February 1994,
(1) where the member is an individual, by the member’s spouse,
(2) where the member is a trust, by the individual by whose will the trust was created, and
iii. the interest was, immediately before the death of the spouse or the individual, as the case may be, an excluded interest;
(b) in circumstances in which
i. subparagraph a.1 of the first paragraph of section 444 applied,
ii. the member’s father or mother held the interest on 22 February 1994, and
iii. the interest was, immediately before the death of the member’s father or mother, an excluded interest;
(c) in circumstances in which
i. subparagraph b.1 of the first paragraph of section 450 applied,
ii. the trust referred to in section 450 or the individual by whose will the trust was created held the interest on 22 February 1994, and
iii. the interest was, immediately before the death of the spouse referred to in section 450, an excluded interest; or
(d) before 1 January 1995 pursuant to a document referred to in paragraph a, e or f of section 261.7.
