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I-3 - Taxation Act

Section 620
Disposition versions

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620. The rules provided in this division apply where, at a particular time after 1971, a Canadian partnership is dissolved and its property is distributed to persons who were members thereof immediately before that time.
The rules referred to in the first paragraph apply only if each of those persons has in each such property, immediately after that time, an undivided right equal, when expressed as a percentage, to the person’s undivided right, when so expressed, in each other property of the partnership and if all those persons make a valid election for the purposes of subsection 3 of section 98 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of the property.
The percentage of the undivided right of each member of the partnership shall be referred to, in this division, as his share.
1972, c. 23, s. 466; 1975, c. 22, s. 172; 1984, c. 35, s. 16; 1997, c. 3, s. 71; 1997, c. 85, s. 100; 2020, c. 16, s. 92; 2021, c. 36, s. 71.
620. The rules provided in this division apply where, at a particular time after 1971, a Canadian partnership is dissolved and its property is distributed to persons who were members thereof immediately before that time.
However, the rules referred to in the first paragraph apply only if each of those persons has in each such property, immediately after that time, an undivided right equal, when expressed as a percentage, to the person’s undivided right, when so expressed, in each other property of the partnership, if all those persons make a valid election for the purposes of subsection 3 of section 98 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of the property and if sections 530 to 533 and 626 to 631 do not apply.
The percentage of the undivided right of each member of the partnership shall be referred to, in this division, as his share.
1972, c. 23, s. 466; 1975, c. 22, s. 172; 1984, c. 35, s. 16; 1997, c. 3, s. 71; 1997, c. 85, s. 100; 2020, c. 16, s. 92.
620. The rules provided in this division apply where, at a particular time after 1971, a Canadian partnership is dissolved and its property is distributed to persons who were members thereof immediately before that time.
However, the rules referred to in the first paragraph apply only if each of those persons has in each such property, immediately after that time, an undivided interest equal, when expressed as a percentage, to the person’s undivided interest, when so expressed, in each other property of the partnership, if all those persons make a valid election for the purposes of subsection 3 of section 98 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of the property and if sections 530 to 533 and 626 to 631 do not apply.
The percentage of the undivided interest of each member of the partnership shall be referred to, in this division, as his share.
1972, c. 23, s. 466; 1975, c. 22, s. 172; 1984, c. 35, s. 16; 1997, c. 3, s. 71; 1997, c. 85, s. 100.
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