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I-3 - Taxation Act

Section 621
Disposition versions

Full text
621. Each person contemplated in section 620 is deemed to receive, as proceeds of disposition of his interest in the partnership, an amount equal to the greater of:
(a)  the adjusted cost base of his interest in the partnership, immediately before the particular time; and
(b)  the amount of any money received by him on the dissolution of the partnership and of his share of the cost amount, to the partnership, of each of its properties, immediately before their distribution.
1972, c. 23, s. 467; 1997, c. 3, s. 71.
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