Income Tax Act — I-3.3 127.52
owable capital losses of the partnership for the fiscal period were the lesser of (A) the total of all amounts each of which is the individual’s (I) share of a taxable capital gain for the fiscal period from the disposition of property (other than property acquired by the partnership in a transaction to which subsection 97(2) applied), or (II) taxable capital gain for the year from the disposition of the individual’s interest in the partnership if the individual, or a person who does not deal at arm’s length with the individual, does not have an interest in the partnership (otherwise than because of the application of paragraph 98(1)(a) or 98.1(1)(a)) throughout the following taxation year, and (B) the individual’s share of allowable capital losses of the partnership for the fiscal period, (ii) the individual’s share of each loss from a business of the partnership for the fiscal period were the lesser of (A) the individual’s share of the loss, and (B) the amount, if any, by which (I) the total of all amounts each of which is the individual’s 1 share of a taxable capital gain for the fiscal period from the disposition of property used by the partnership in the business (other than property acquired by the partnership in a transaction to which subsection 97(2) applied), or 2 taxable capital gain for the year from the disposition of the individual’s interest in the partnership if the individual, or a person who does not deal at arm’s length with the individual, does not have an interest in the partnership (otherwise than because of the application of paragraph 98(1)(a) or 98.1(1)(a)) throughout the following taxation year exceeds (II) the total of all amounts each of which is the individual’s share of an allowable capital loss for the fiscal period, and (iii) the individual’s share of losses from property of the partnership for the fiscal period were the lesser of (A) the total of (I) the individual’s share of incomes for the fiscal period from properties of the partnership, and (II) the amount, if any, by which the total of all amounts each of which is the individual’s 1 share of a taxable capital gain for the fiscal period from the disposition of property held by the partnership for the purpose of earning income from property (other than property acquired by the partnership in a transaction to which subsection 97(2) applied), or 2 taxable capital gain for the year from the disposition of the individual’s interest in the partnership if the individual, or a person who does not deal at arm’s length with the individual, does not have an interest in the partnership (otherwise than because of the application of paragraph 98(1)(a) or 98.1(1)(a)) throughout the following taxation year, exceeds the total of all amounts each of which is the individual’s share of an allowable capital loss for the fiscal period, and (B) the individual’s share of losses from property of the partnership for the fiscal period; (c.2) where, during a fiscal period of a partnership that ends in the year (other than a fiscal period that ends because of the application of subsection 99(1)), (i) the individual is a limited partner of the partnership, or is a member of the partnership who was a specified member of the partnership at all times since becoming a member of the partnership, or (ii) the partnership owns a rental or leasing property or a film property and the individual is a member of the partnership, the total of all amounts each of which is an amount deductible under any of paragraphs 20(1)(c) to 20(1)(f) in computing the individual’s income for the year in respect of the individual’s acquisition of the partnership interest were the lesser of (iii) the total of all amounts otherwise so deductible, and (iv) the total of all amounts each of which is the individual’s share of any income of the partnership for the fiscal period, determined in accordance with subsection 96(1); (c.3) the total of all amounts each of which is an amount deductible in computing t