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

I-3.3 — Income Tax Act · 7 versions · View current text

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

  1. 2019-01-01 to present available View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the least of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member, or a designated member, of the partnership determined by the formula G – H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with Subdivision J of Division B) of the partnership for a fiscal period of the business that ends in the year, income of the corporation for the year from the provision (directly or indirectly, in any manner whatever) of services or property to the partnership, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business or the income of the corporation described under subparagraph (ii) of the description of G) or in respect of the business under subsection 34.2(4) or (11), an amount equal to if the corporation was a member of the partnership, the corporation’s specified partnership business limit for the year, and if the corporation was a designated member of the partnership, the total of all amounts assigned to it under subsection (8) for the year and, where no such amounts have been assigned, nil, and nil, if the corporation is a member, or a designated member, of the partnership (including indirectly through one or more other partnerships) in the year, and the partnership provides services or property to either a private corporation (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) or a person who does not deal at arm’s length with the corporation (or one of its shareholders) holds a direct or indirect interest in the private corporation, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons (other than the private corporation) that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, or a particular partnership (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) does not deal at arm’s length with the particular partnership or a person that holds a direct or indirect interest in the particular partnership, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships (other than the particular partnership) with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, and B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the amount determined by the formula N – O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year if the corporation was a member of the partnership, under subparagraph (b)(i) of the description of A, and if the corporation was a designated member of the partnership, under subparagraph (b)(ii) of the description of A; (revenu de société de personnes déterminé)
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the least of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member, or a designated member, of the partnership determined by the formula G – H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with Subdivision J of Division B) of the partnership for a fiscal period of the business that ends in the year, income of the corporation for the year from the provision (directly or indirectly, in any manner whatever) of services or property to the partnership, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business or the income of the corporation described under subparagraph (ii) of the description of G) or in respect of the business under subsection 34.2(4) or (11), an amount equal to if the corporation was a member of the partnership, the corporation’s specified partnership business limit for the year, and if the corporation was a designated member of the partnership, the total of all amounts assigned to it under subsection (8) for the year and, where no such amounts have been assigned, nil, and nil, if the corporation is a member, or a designated member, of the partnership (including indirectly through one or more other partnerships) in the year, and the partnership provides services or property to either a private corporation (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) or a person who does not deal at arm’s length with the corporation (or one of its shareholders) holds a direct or indirect interest in the private corporation, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons (other than the private corporation) that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, or a particular partnership (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) does not deal at arm’s length with the particular partnership or a person that holds a direct or indirect interest in the particular partnership, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships (other than the particular partnership) with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, and B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the amount determined by the formula N – O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year if the corporation was a member of the partnership, under subparagraph (b)(i) of the description of A, and if the corporation was a designated member of the partnership, under subparagraph (b)(ii) of the description of A; (revenu de société de personnes déterminé)

  2. 2016-12-15 to 2019-01-01 View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a membermember, or a designated member, in the year equal to the lesserleast of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a membermember, or a designated member, of the partnership determined by the formula G -– H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivisionSubdivision jJ of Division B) of the partnership for a fiscal period of the business that ends in the year, income of the corporation for the year from the provision (directly or indirectly, in any manner whatever) of services or property to the partnership, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business)business or the income of the corporation described under subparagraph (ii) of the description of G) or in respect of the business under subsection 34.2(4) or (11), andan amount equal to if the amountcorporation determinedwas bya member of the formulapartnership, K/Lthe ×corporation’s Mspecified wherepartnership Kbusiness islimit for the year, and if the corporation was a designated member of the partnership, the total of all amounts eachassigned ofto whichit under subsection (8) for the year and, where no such amounts have been assigned, nil, and nil, if the corporation is thea corporation’smember, shareor ofa thedesignated income (determined in accordance with subdivision j of Division B)member, of the partnership for(including indirectly through one or more other partnerships) in the year, and the partnership provides services or property to either a fiscalprivate periodcorporation ending(directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) or a person who does not deal at arm’s length with the corporation (or one of its shareholders) holds a direct or indirect interest in the private corporation, and it is not the case that all or substantially all of the partnership’s income for the year from an active business carriedis onfrom the provision of services or property to persons (other than the private corporation) that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in Canadathe Lpartnership, or partnerships with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, or a particular partnership (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) does not deal at arm’s length with the particular partnership or a person that holds a direct or indirect interest in the particular partnership, and it is not the totalcase ofthat all amountsor eachsubstantially of which is the incomeall of the partnershippartnership’s income for athe fiscal period referred to in paragraph 125(7) “specified partnership income” (a)year from an active business carriedis on in Canada, and M isfrom the lesser of$500,000, and the product obtained when $1,370 is multiplied by the totalprovision of allservices amountsor eachproperty ofto whichpersons isthat thedeal numberat ofarm’s dayslength in a fiscal period ofwith the partnership and each person that endsholds a direct or indirect interest in the year,partnership, or partnerships (other than the particular partnership) with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, and B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a membermember, or a designated member, in the year equal to the amount determined by the formula N -– O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year if the corporation was a member of the partnership, under paragraphsubparagraph (b)(b)(i) of the description of A, and if the corporation was a designated member of the partnership, under subparagraph (b)(ii) of the description of A; (revenu de société de personnes déterminé)
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the least of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member, or a designated member, of the partnership determined by the formula G – H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with Subdivision J of Division B) of the partnership for a fiscal period of the business that ends in the year, income of the corporation for the year from the provision (directly or indirectly, in any manner whatever) of services or property to the partnership, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business or the income of the corporation described under subparagraph (ii) of the description of G) or in respect of the business under subsection 34.2(4) or (11), an amount equal to if the corporation was a member of the partnership, the corporation’s specified partnership business limit for the year, and if the corporation was a designated member of the partnership, the total of all amounts assigned to it under subsection (8) for the year and, where no such amounts have been assigned, nil, and nil, if the corporation is a member, or a designated member, of the partnership (including indirectly through one or more other partnerships) in the year, and the partnership provides services or property to either a private corporation (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) or a person who does not deal at arm’s length with the corporation (or one of its shareholders) holds a direct or indirect interest in the private corporation, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons (other than the private corporation) that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, or a particular partnership (directly or indirectly in any manner whatever) in the year, if the corporation (or one of its shareholders) does not deal at arm’s length with the particular partnership or a person that holds a direct or indirect interest in the particular partnership, and it is not the case that all or substantially all of the partnership’s income for the year from an active business is from the provision of services or property to persons that deal at arm’s length with the partnership and each person that holds a direct or indirect interest in the partnership, or partnerships (other than the particular partnership) with which the partnership deals at arm’s length, other than a partnership in which a person that does not deal at arm’s length with the corporation holds a direct or indirect interest, and B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member, or a designated member, in the year equal to the amount determined by the formula N – O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year if the corporation was a member of the partnership, under subparagraph (b)(i) of the description of A, and if the corporation was a designated member of the partnership, under subparagraph (b)(ii) of the description of A; (revenu de société de personnes déterminé)

  3. 2016-06-22 to 2016-12-15 View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business) or in respect of the business under subsection 34.2(4) or (11), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$500,000, and the product obtained when $1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A; (revenu de société de personnes déterminé)
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business) or in respect of the business under subsection 34.2(4) or (11), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$500,000, and the product obtained when $1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A; (revenu de société de personnes déterminé)

  4. 2013-12-12 to 2016-06-22 View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the yearyear, or an amount included in the corporation’s income for the year fromin respect of the business becauseunder any of subsectionsubsections 34.2(5),34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business),business) or in respect of the business under subsection 34.2(4) or (11), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$500,000, and the product obtained when $1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year, or an amount included in the corporation’s income for the year in respect of the business under any of subsections 34.2(2), (3) and (12), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business) or in respect of the business under subsection 34.2(4) or (11), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$500,000, and the product obtained when $1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;

  5. 2009-03-12 to 2013-12-12 View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year or an amount included in the corporation’s income for the year from the business because of subsection 34.2(5), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$400,000,of$500,000, and the product obtained when $1,096$1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year or an amount included in the corporation’s income for the year from the business because of subsection 34.2(5), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$500,000, and the product obtained when $1,370 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;

  6. 2007-02-21 to 2009-03-12 View Source
    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year or an amount included in the corporation’s income for the year from the business because of subsection 34.2(5), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$300,000,of$400,000, and the product obtained when $822$1,096 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;
    Full text

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year or an amount included in the corporation’s income for the year from the business because of subsection 34.2(5), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$400,000, and the product obtained when $1,096 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;

  7. 2004-08-31 to 2007-02-21 View Source

    specified partnership income of a corporation for a taxation year means the amount determined by the formula A + B where A is the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the lesser of the total of all amounts each of which is an amount in respect of an active business carried on in Canada by the corporation as a member of the partnership determined by the formula G - H where G is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership for a fiscal period of the business that ends in the year or an amount included in the corporation’s income for the year from the business because of subsection 34.2(5), and H is the total of all amounts deducted in computing the corporation’s income for the year from the business (other than amounts that were deducted in computing the income of the partnership from the business), and the amount determined by the formula K/L × M where K is the total of all amounts each of which is the corporation’s share of the income (determined in accordance with subdivision j of Division B) of the partnership 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 125(7) “specified partnership income” (a) from an active business carried on in Canada, and M is the lesser of$300,000, and the product obtained when $822 is multiplied by 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 B is the lesser of the total of the amounts determined in respect of the corporation for the year under subparagraphs 125(1)(a)(iii) and 125(1)(a)(iv), and the total of all amounts each of which is an amount in respect of a partnership of which the corporation was a member in the year equal to the amount determined by the formula N - O where N is the amount determined in respect of the partnership for the year under paragraph (a) of the description of A, and O is the amount determined in respect of the partnership for the year under paragraph (b) of the description of A;