I-3 - Taxation Act

Section 626 Disposition versions

2006-03-01

626. (1)  The rules provided in this division apply where, at a particular time after 1971, a Canadian partnership is dissolved and, within three months after that time, one only of the persons who were members of the partnership immediately before such time carries on itself the business formerly carried on by the partnership.

(2)  However, the rules contemplated in subsection 1 do not apply unless such person, whether an individual, a trust or a corporation, uses, in the business, any property that was partnership property immediately before that time and that was received by him as proceeds of disposition of his interest in the partnership.

1972, c. 23, s. 472; 1975, c. 22, s. 173; 1997, c. 3, s. 71.