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I-3 - Taxation Act
Section 776.55.2
Disposition versions
776.55.2. For the purposes of section 776.51, where, during a partnership’s fiscal period that ends in the year, other than a fiscal period the end of which coincides with that of a fiscal period of the partnership to which subsection 1 of section 99 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) applies, the individual is a limited partner of the partnership or a specified member of the partnership at all times since becoming a member of the partnership, or the partnership owns a rental or leasing property or a film property and the individual is a member of the partnership, the aggregate of all amounts each of which is an amount deductible under any of sections 147, 160, 163, 176, 176.4, 176.6 and 179 in computing the individual’s income for the year in respect of the individual’s acquisition of the partnership interest shall be established as if it were equal to the lesser of
(a) the aggregate of all amounts otherwise so deductible; and
(b) the aggregate of all amounts each of which is the individual’s share of any income of the partnership for the fiscal period, determined in accordance with section 600.
776.55.2. For the purposes of section 776.51, where, during a partnership’s fiscal period that ends in the year, other than a fiscal period that ends because of the application of the first paragraph of section 601, the individual is a limited partner of the partnership or a specified member of the partnership at all times since becoming a member of the partnership, or the partnership owns a rental or leasing property or a film property and the individual is a member of the partnership, the aggregate of all amounts each of which is an amount deductible under any of sections 147, 160, 163, 176, 176.4, 176.6 and 179 in computing the individual’s income for the year in respect of the individual’s acquisition of the partnership interest shall be established as if it were equal to the lesser of
(a) the aggregate of all amounts otherwise so deductible; and
(b) the aggregate of all amounts each of which is the individual’s share of any income of the partnership for the fiscal period, determined in accordance with section 600.
