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I-3 - Taxation Act

Section 623
Disposition versions

Full text
623. The amount designated under section 622 by a person contemplated in section 620 shall not exceed the excess of his share of the fair market value of the property concerned, immediately after its distribution, over his share of the cost amount of that property, to the partnership, immediately before its distribution.
Likewise, the aggregate of such designated amounts shall not exceed, in the case of non-depreciable capital property, the excess contemplated in section 622.
1972, c. 23, s. 469; 1988, c. 18, s. 52; 1997, c. 3, s. 71; 2019, c. 14, s. 164.
623. The amount designated under paragraph a of section 622 by a person contemplated in section 620 shall not exceed the excess of his share of the fair market value of the property concerned, immediately after its distribution, over his share of the cost amount of that property, to the partnership, immediately before its distribution.
Likewise, the aggregate of such designated amounts shall not exceed, in the case of non-depreciable capital property, the excess contemplated in section 622.
1972, c. 23, s. 469; 1988, c. 18, s. 52; 1997, c. 3, s. 71.
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