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I-3 - Taxation Act

Section 602.1
Disposition versions

Full text
602.1. If, at any time in a fiscal period of a partnership, a taxpayer ceases to be a member of the partnership, the following rules apply:
(a)  for the purposes of subparagraph b of the second paragraph of section 7, sections 217.2 to 217.9.1, 600, 607, 634 and 635 and despite section 643, the taxpayer is deemed to be a member of the partnership at the end of the fiscal period; and
(b)  for the purpose of applying subparagraphs i and viii of paragraph i of section 255, subparagraph i of paragraph l of section 257, section 261.2 and the second paragraph of section 613.1 to the taxpayer, the fiscal period of the partnership is deemed to end
i.  immediately before the time at which the taxpayer is deemed under section 436 to have disposed of the interest in the partnership, if the taxpayer ceased to be a member of the partnership because of the taxpayer’s death, and
ii.  immediately before the time that is immediately before the time that the taxpayer ceased to be a member of the partnership, in any other case.
2009, c. 5, s. 191; 2015, c. 21, s. 207.
602.1. If, at any time in a fiscal period of a partnership, a taxpayer ceases to be a member of the partnership, the following rules apply:
(a)  for the purposes of sections 7 to 7.0.6, 217.2 to 217.17, 600, 607, 634 and 635 and despite section 643, the taxpayer is deemed to be a member of the partnership at the end of the fiscal period; and
(b)  for the purpose of applying subparagraphs i and viii of paragraph i of section 255, subparagraph i of paragraph l of section 257 and the second paragraph of section 613.1 to the taxpayer, the fiscal period of the partnership is deemed to end
i.  immediately before the time at which the taxpayer is deemed under section 436 to have disposed of the interest in the partnership, if the taxpayer ceased to be a member of the partnership because of the taxpayer’s death, and
ii.  immediately before the time that is immediately before the time that the taxpayer ceased to be a member of the partnership, in any other case.
2009, c. 5, s. 191.
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