Income Tax Application Rules — I-3.31 20
 be deemed to be a person described in paragraph (c) and the amount that may be claimed thereunder as a deduction in computing the person’s income for any taxation year shall not exceed 10% of the total of the amounts determined under subparagraphs (c)(i) and (ii). Definitions (4) In subsection (3), acquisition cost of a person who was a member of a partnership on December 31, 1971 in respect of depreciable property of a prescribed class that was partnership property of the partnership on December 31, 1971 means the total of the undepreciated capital cost to the person of property of that class as of December 31, 1971 and the total depreciation allowed to the person before 1972 in respect of property of that class; ( coût d’acquisition ) percentage of a member of a partnership in respect of any depreciable property of a prescribed class that was partnership property of the partnership on December 31, 1971 means the interest of the member of the partnership in property of that class, expressed as a percentage of the total of the interests of all members of the partnership in property of that class on that day; ( pourcentage ) undepreciated cost to the partnership of any class of depreciable property means an amount determined as follows: (a) determine, for each person who, because of having been a member of the partnership on the later of June 18, 1971 and the day the partnership was created, and thereafter without interruption until December 31, 1971, can reasonably be regarded as having had an interest in property of that class on December 31, 1971, the amount, if any, by which the undepreciated capital cost to the person of property of that class as of December 31, 1971 exceeds the amount, if any, determined under subparagraph (3)(c)(i) for the person in respect of property of that class, (b) determine, for each such person, the amount that is that proportion of the amount determined under paragraph (a) that 100% is of the person’s percentage in respect of property of that class, and (c) select the amount determined under paragraph (b) for a person described therein that is not greater than any amount so determined for any other such person, and the amount selected under paragraph (c) is the undepreciated cost to the partnership of that class. ( fraction non amortie du coût, pour la société de personnes ) Other depreciable property of partnership (5) For the purposes of the amended Act, where a partnership had, on December 31, 1971, any particular partnership property that was depreciable property other than depreciable property of a prescribed class, (a) the cost to the partnership of the particular property shall be deemed to be the amount that would be determined under paragraph (3)(a) to be the capital cost thereof if (i) the particular property constituted a prescribed class of property, and (ii) the acquisition cost of each person described therein in respect of the particular property were its actual cost to the person or the amount at which the person was deemed by subsection 20(6) of the former Act to have acquired it, as the case may be; (b) for the purposes of sections 13 and 20 of the amended Act and any regulations made under paragraph 20(1)(a) of that Act, the undepreciated capital cost of property of any class as of any particular time after 1971 shall be computed as if the amount, if any, by which (i) the amount determined under paragraph (a) to have been the cost to the partnership of the particular property, exceeds (ii) the amount that would be determined under the definition undepreciated cost to the partnership in subsection (4) to be the undepreciated cost to the partnership of any class of depreciable property comprising the particular property if (A) paragraph (a) of that definition were read without reference to the words “the later of June 18, 1971 and the day the partnership was created, and thereafter without interruption until”, (B) the amount determined under subparagraph 3(c)(i) for any person