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I-3 - Taxation Act
Section 771.2.1.4.3
Disposition versions
771.2.1.4.3. For the purposes of the definition of “specified partnership income” in the first paragraph of section 771.1, a person that is a member of a partnership in a taxation year may assign to a designated member of the partnership—for a taxation year of the designated member—all or any portion (determined without reference to this assignment) of the person’s specified partnership business limit in respect of the person’s taxation year if
(a) the person is described in paragraph b of the definition of “designated member” in the first paragraph of section 771.1 in respect of the designated member in the designated member’s taxation year;
(b) the person’s specified partnership business limit is in respect of a fiscal period of the partnership that ends in the designated member’s taxation year; and
(c) the designated member and the person each file a prescribed form with the Minister in their respective fiscal returns for their respective taxation years.
