I-4 - Act respecting the application of the Taxation Act

Section 83 Disposition versions

1977-12-31

83. The aggregate that must be deducted from the total of the amounts contemplated in section 82 is the aggregate of:

(a)  all the amounts relating to the disposition of a share of the taxpayer’s interest in a partnership, equal to the part of the actual cost to him of his interest, if the disposition occurred before 1972, or, in other cases, equal to that part of his adjusted cost base of such interest immediately before the disposition, which may reasonably be attributed to the share so disposed of;

(b)  all the amounts relating to the fiscal period of the partnership ending before 1972, equal to the aggregate of:

i.  what would have been the loss of the taxpayer from the partnership for his taxation year in which the fiscal period of the partnership ends, if the former Corporation Tax Act has applied without regard to section 10 of the said Act;

ii.  the taxpayer’s share at the end of that fiscal period, of the losses of the partnership from the disposition of a capital property during that fiscal period, to the extent that those losses have not been included in computing the loss or income from the partnership for one of its members; and

iii.  the taxpayer’s share, at the end of that fiscal period, in the exploration and drilling expenses, including the general geological and geophysical expenses incurred by the partnership while he was a member of it, in respect of exploring or drilling for petroleum or natural gas in Canada, if those expenses were incurred during such fiscal period to the extent prescribed by regulation; and

(c)  all the amounts received by the taxpayer before 1972 according to his share of the capital or income of the partnership.

1972, c. 24, s. 82; 1973, c. 18, s. 40; 1974, c. 18, s. 54.