Versions of s. 125(7), definition “specified partnership business limit”

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2019-01-01 to present available View Source

specified partnership business limit, of a person for a taxation year, at any particular time, means the amount determined by the formula(K/L) × M – T where K is the total of all amounts each of which is the person’s share of the income (determined in accordance with Subdivision J of Division B) of a partnership of which the person was a member for a fiscal period ending in the year from an active business carried on in Canada, L is the total of all amounts each of which is the income of the partnership for a fiscal period referred to in paragraph (a) of the description of A in the definition specified partnership income in this subsection from an active business carried on in Canada, M is the lesser of the amount of the business limit indicated in subsection (2) for a corporation that is not associated in a taxation year with one or more other Canadian-controlled private corporations, and the product obtained by the formula(Q/R) × S where Q is the amount referred to in paragraph (a), R is 365, and S is the total of all amounts each of which is the number of days in a fiscal period of the partnership that ends in the year, and T is the total of all amounts each of which is an amount, if any, that the person assigns under subsection (8); (plafond des affaires de société de personnes déterminé)

Full text

specified partnership business limit, of a person for a taxation year, at any particular time, means the amount determined by the formula(K/L) × M – T where K is the total of all amounts each of which is the person’s share of the income (determined in accordance with Subdivision J of Division B) of a partnership of which the person was a member for a fiscal period ending in the year from an active business carried on in Canada, L is the total of all amounts each of which is the income of the partnership for a fiscal period referred to in paragraph (a) of the description of A in the definition specified partnership income in this subsection from an active business carried on in Canada, M is the lesser of the amount of the business limit indicated in subsection (2) for a corporation that is not associated in a taxation year with one or more other Canadian-controlled private corporations, and the product obtained by the formula(Q/R) × S where Q is the amount referred to in paragraph (a), R is 365, and S is the total of all amounts each of which is the number of days in a fiscal period of the partnership that ends in the year, and T is the total of all amounts each of which is an amount, if any, that the person assigns under subsection (8); (plafond des affaires de société de personnes déterminé)
2016-12-15 to 2019-01-01 View Source

specified partnership business limit, of a person for a taxation year, at any particular time, means the amount determined by the formula(K/L) × M – T where K is the total of all amounts each of which is the person’s share of the income (determined in accordance with Subdivision J of Division B) of a partnership of which the person was a member for a fiscal period ending in the year from an active business carried on in Canada, L is the total of all amounts each of which is the income of the partnership for a fiscal period referred to in paragraph (a) of the description of A in the definition specified partnership income in this subsection from an active business carried on in Canada, M is the lesser of the amount of the business limit indicated in subsection (2) for a corporation that is not associated in a taxation year with one or more other Canadian-controlled private corporations, and the product obtained by the formula(Q/R) × S where Q is the amount referred to in paragraph (a), R is 365, and S is the total of all amounts each of which is the number of days in a fiscal period of the partnership that ends in the year, and T is the total of all amounts each of which is an amount, if any, that the person assigns under subsection (8); (plafond des affaires de société de personnes déterminé)