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Versions of s. 24(3)

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.

  1. 2017-01-01 to present available View Source
    Notwithstanding[Repealed, subsection2016, 24(1),c. where12, ats. any time a partnership ceases to exist in circumstances to which neither subsection 98(3) nor subsection 98(5) applies, there may be deducted, in computing the income for the first taxation year beginning after that time of a taxpayer who was a member of the partnership immediately before that time, an amount determined by the formula A × B/C where A is the amount that would, had the partnership continued to exist, have been deductible under subsection 24(1) in computing its income; B is the fair market value of the taxpayer’s interest in the partnership immediately before that time; and C is the fair market value of all interests in the partnership immediately before that time.8]
    Full text

    [Repealed, 2016, c. 12, s. 8]

  2. 2004-08-31 to 2017-01-01 View Source

    Notwithstanding subsection 24(1), where at any time a partnership ceases to exist in circumstances to which neither subsection 98(3) nor subsection 98(5) applies, there may be deducted, in computing the income for the first taxation year beginning after that time of a taxpayer who was a member of the partnership immediately before that time, an amount determined by the formula A × B/C where A is the amount that would, had the partnership continued to exist, have been deductible under subsection 24(1) in computing its income; B is the fair market value of the taxpayer’s interest in the partnership immediately before that time; and C is the fair market value of all interests in the partnership immediately before that time.