Partnership Interests

Commentary

Sales of partnership interests

Although at common law a partnership is a relationship among the partners according each partner an interest in the...

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Cases

Continental Bank of Canada v. Canada, 98 DTC 6501, [1998] 2 S.C.R. 358, [1998] 4 CTC 77

The taxpayer's subsidiary ("Leasing") transferred leasing assets to a partnership between Leasing and two subsidiaries of a third party that was...

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Delesalle v. The Queen, 85 DTC 5613, [1986] 1 CTC 58 (FCTD)

It was found that a sum of $103,111 paid by a partnership to a retiring partner was consideration for the buying back of his partnership interest...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 96 - Subsection 96(1.1) departing partner required to agree to the s. 96(1.1) allocation 271
Tax Topics - Statutory Interpretation - Absurdities 39

Laferrière v. The Queen, [1985] 2 CTC 190 (FCTD), aff'd 94 DTC 6423 (FCA)

The sale by the appellant of his partnership interest to the two senior partners of the firm was a capital transaction to the appellant. It was...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 96 - Subsection 96(1.1) 161

Lane v. The Queen, 78 DTC 6535, [1978] CTC 795 (FCTD), aff'd 86 DTC 6568, [1986] 2 CTC (FCA)

Under the partnership law of Alberta and other provinces, no partner has any right to take any portion of the partnership property and call it...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 100 disposition of partnership interest not disposition of underlying property 61
Tax Topics - Income Tax Act - Section 96 20

The Queen v. Poulin, 76 DTC 6381, [1976] CTC 620 (FCTD)

The sum of $20,000, which the taxpayer negotiated for and was paid following his withdrawal from a partnership with two other lawyers was held to...

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Blauer v. MNR, 71 DTC 5113, [1971] CTC 154 (F.C.T.A.), briefly aff'd 75 DTC 5076, [1975] CTC 112 (SCC)

The taxpayer (a professional engineer) agreed to form a special partnership with two individuals carrying on business as professional engineers in...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Payment & Receipt post-dated cheque 22

Minister of National Revenue v. Sedgwick, 63 DTC 1378, [1963] CTC 571, [1964] S.C.R. 177

After the Toronto Stock Exchange required the termination of what was styled as a loan agreement, but which in fact was a partnership agreement,...

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MNR v. Strauss, 60 DTC 1060, [1960] CTC 86 (Ex Ct)

The taxpayer, who sold 1/2 of his partnership interest 6 months after he and several other individuals formed the partnership for the purpose of...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 96 100

See Also

Walchuk v. The Queen, 2003 DTC 2184, 2004 TCC 42

Before going on to find that a loss realized by a stockbroker on the insolvency of a partnership carrying on a restaurant business in Greece was...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss partnership unit normally capital property 113

Von Haymann v. The Queen, 2001 DTC 203 (TCC)

The taxpayer used borrowed money to acquire an interest in a limited partnership which, in turn, held an interest in an apartment complex that...

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Administrative Policy

29 November 2011 Ministerial Correspondence 2011-0424591M4 - Carried Interest

Respecting a question on the taxation in Canada of carried interests, the Directorate stated:

"Carried interest" is a term often used to describe...

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