Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:2_21
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 2 cl 21
Character Range: 33720–34149

21  Section 36‑25 (table dealing with tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs, item 1)
Repeal the item, substitute:

1.  A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot:   Subdivision 195‑B
    (a) deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP; or
    (b) carry back the loss to an income year in which it was not a VCLP, an ESVCLP, an AFOF or a VCMP.