Section 98

Subsection 98(1) - Disposition of partnership property

Cases

Bow River Pipelines Ltd. v. Canada, 2000 DTC 6090 (FCA)

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See Also

OSFC Holdings Ltd. v. The Queen, 99 DTC 1044, [1999] FTR 33266, aff'd 2001 DTC 5471, 2001 FCA 260

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Howatt v. MNR, 89 DTC 215 (TCC)

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A. Akman & Sons (Fla) Inc. v. Chipman (1987), 38 BLR 185 (Man QB)

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Darke v. MNR, 76 DTC 6468, [1976] CTC 734 (FCTD)

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Simpson v. The Queen, 76 DTC 6350, [1976] CTC 600 (FCTD)

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Marksim Storage Ltd. v. MNR, 73 DTC 158, [1973] CTC 2185 (T.R.B.), rev'd 76 DTC 6401, [1976] CTC 665 (FCTD)

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Dolente v. MNR, 65 DTC 179 (TAB)

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Alvarez v. Daly (1964), 48 WWR 611 (BCSC)

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Tait v. Winsby, [1943] 1 DLR 81 (PC)

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Administrative Policy

26 January 2015 External T.I. 2014-0545051E5 - Subsections 98(1) and 98.1(1)

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8 May 2014 External T.I. 2014-0522771E5 - Whether a partnership has ceased to exist

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 85 - Subsection 85(3) winding-up of affairs of partnership with one partner when constructive distribution 201

16 March 2012 External T.I. 2011-0423191E5 F - Disposition d'une participation dans une SP

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31 January 1994 External T.I. 5-932859 -

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30 May 1991 T.I. (Tax Window, No. 3, p. 21, ¶1269)

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88 C.R. - Q.19

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88 C.R. - Q.20

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Articles

Jack Bernstein, "Real Estate Breakups", Tax Profile, Vol. 6, No. 1, January 2000, p. 1

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Fien, "Causes and Effects of the Dissolution and Winding-up of Partnership", 1981 Conference Report, p. 497.

Paragraph 98(1)(c)

Administrative Policy

9 August 2017 External T.I. 2017-0709351E5 - Interaction between subsections 98(1) and 116(5)

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 116 - Subsection 116(5) gain from negative partnership interest ACB not subject to s. 116(5) 99

Subsection 98(2) - Deemed proceeds

See Also

Mihelakos v. The Queen, 97 DTC 1450 (TCC)

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Tax Topics - General Concepts - Evidence 71

Administrative Policy

External T.I. 14 July 1999 T.I. 9917685

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21 May 1991 Memorandum (Tax Window, No. 3, p. 22, ¶1256)

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IT-457R "Election by Professionals to Exclude Work in Progress from Income"

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Subsection 98(3) - Rules applicable if partnership ceases to exist

Administrative Policy

10 October 2014 APFF Roundtable Q. 23, 2014-0538171C6 F - 2014 APFF Roundtable, Q. 23 - Winding-up of a partnership

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6 October 2014 External T.I. 2014-0540611E5 - subsection 98(3) election

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5 September 2002 External T.I. 2002-0147315 -

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2000 Ruling 2000-002842 -

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93 CPTJ - Q.13

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18 May 1990 T.I. (October 1990 Access Letter, ¶1470)

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19 September 89 T.I. (February 1990 Access Letter, ¶1112)

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 98 - Subsection 98(5) 66

88 C.R. - F.Q.22

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84 C.R. - Q.89

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IT-457R "Election by Professionals to Exclude Work in Progress from Income" under "Transfers of Work in Progress"

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) 0

Forms

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Paragraph 98(3)(c)

See Also

Oxford Properties Group Inc. v. The Queen, 2016 TCC 204

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) no abuse in using 88(1)(d) bump to avoid s. 100 after 3-year s. 69(11) period 537
Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) subsequent sale part of series as it utilized the benefit of previous LP packaging transactions 371
Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) purpose not to tax underlying recapture on subsequent LP unit sale 415
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) purpose: to push down ACB of shares of sub to qualifying non-depreciable property 474
Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 45(2) subsequent amendment shed light on scope of previous version 99
Tax Topics - Income Tax Act - Section 100 - Subsection 100(1) S. 100 operates only on outside basis gain 278
Tax Topics - Income Tax Act - Section 69 - Subsection 69(11) Parliament provided safe harbour for sales after 3 years 197

Subsection 98(5) - Where partnership business carried on as sole proprietorship

See Also

Canada Life Insurance Co. of Canada v. A.G of Canada, 2015 DTC 5128 [at 6378], 2015 ONSC 281

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Rectification & Rescission rectification transactions to avoid s. 98(5) rollover contained 2 more transactions than in original plan 357

Stefanson Farms Ltd v. The Queen, 2009 DTC 177, 2008 TCC 682

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Tax Topics - General Concepts - Substance 81

Administrative Policy

2016 Ruling 2016-0651621R3 - Partnership carried on by sole proprietor

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(e) - Subparagraph 53(1)(e)(iv) ACB increased by assumption of debt owing to partner by partnership 89
Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) - Forgiven Amount no forgiven amount where partner assumed debt owing to it by partnership 46

2015 Ruling 2015-0601441R3 - XXXXXXXXXX Partnership - winding up

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(ii) interest deductible following assumption of interest-bearing internal debt on s. 98(5) wind-up 279
Tax Topics - Income Tax Act - Section 34.2 - Subsection 34.2(11) continuation of s. 34.2(11) reserve following partnership wind-up 324
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(m) continued availability of s. 20(1)(m) reserve following s. 98(5) wind-up 266
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(n) flow-through of s. 20(1)(n) reserve on s. 98(5) wind-up 262
Tax Topics - Income Tax Act - Section 20 - Subsection 20(24) s. 20(24) election on s. 98(5) wind-up 280
Tax Topics - Income Tax Act - Section 18 - Subsection 18(9) s. 18(9) deduction claimable by transferee former partner following s. 98(5) wind-up 216
Tax Topics - Income Tax Act - Section 147.2 - Subsection 147.2(8) s. 147.2 continuity following s. 98(5) wind-up 336
Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(i) no income inclusion on assumption on s. 98(5) wind-up of DSUs and RSUs 329
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Salary Deferral Arrangements - Paragraph (k) no income on RSU/DSU assumption 20

2016 Ruling 2015-0617101R3 - 99(1) and timing of ACB adjustment

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(e) - Subparagraph 53(1)(e)(i) ACB of limited partner’s and GP’s interest increased by YTD income on s. 98(6) wind-up arising on GP’s s. 85 purchase of limited partner’s interest 284

13 June 2016 External T.I. 2016-0637031E5 - Capital property excludes ECP

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 54 - Capital Property definition of capital property effectively excludes eligible capital property 129

S4-F7-C1 - Amalgamations of Canadian Corporations

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 100 - Subsection 100(2.1) s. 100(2.1) applies to non-qualifying amalgamation 58
Tax Topics - Income Tax Act - Section 111 - Subsection 111(12) application following amalgamation 103
Tax Topics - Income Tax Act - Section 116 - Subsection 116(1) deemed tcp following amalgamation 155
Tax Topics - Income Tax Act - Section 13 - Subsection 13(5.1) continuity of s. 13(5.1) on amalgamation 126
Tax Topics - Income Tax Act - Section 165 - Subsection 165(1) Amalco can continue objection and receive refunds 145
Tax Topics - Income Tax Act - Section 169 Amalco can continue objection 97
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(n) reserve after amalgamation 50
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Shareholder shareholder need not hold shares 82
Tax Topics - Income Tax Act - Section 251 - Subsection 251(3.1) deemed non-arm's length relationship on amalgamation 164
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(b) realted party, majority and 50% group exceptions 448
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(iii) reserve after amalgamation 50
Tax Topics - Income Tax Act - Section 66.7 - Subsection 66.7(7) successoring where non-wholly owned amalgamation 85
Tax Topics - Income Tax Act - Section 69 - Subsection 69(13) no disposition of predecessor property on general principles 103
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1.4) s. 87(5) not applicable 104
Tax Topics - Income Tax Act - Section 80.01 - Subsection 80.01(3) non-87 amalgamation/no FX gain 159
Tax Topics - Income Tax Act - Section 84 - Subsection 84(3) no deemed dividend to dissenter on amalgamation 81
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) election filing by Amalco 103
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.1) s. 87(1.1) qualifies for all s. 87 purposes 60
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.2) successoring where non-wholly owned amalgamation 85
Tax Topics - Income Tax Act - Section 87 - Subsection 87(10) deemed listing of temporary Amalco shares 114
Tax Topics - Income Tax Act - Section 87 - Subsection 87(11) gain if high PUC is sub shares 47
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) presumptive satisfaction of s. 87(1)(a)/dissent and squeeze-outs onside 260
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(a) new corp/deemed year end coinciding or not with acquisition of control 0
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(b) Amalco must follow predecessor's valuation method subject to truer picture doctrine 58
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(c) reserve after amalgamation 103
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(d) cost amount carryover 135
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(e.1) s. 100(2.1) applies to non-qualifying amalgamation 58
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(o) no continuity rule for non-security options 133
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(q) pre-amalgamation services 96
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.11) loss-carry back to parent 159
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.1) dovetailing with s. 88(1.1) 38
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3.1) 328
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3) PUC shifts 181
Tax Topics - Income Tax Act - Section 87 - Subsection 87(4) fractional share cash/ACB or value shift/implied non-recognition for predecessor shares 247
Tax Topics - Income Tax Act - Section 87 - Subsection 87(7) dovetailing with s. 78 and 112(12) 171
Tax Topics - Income Tax Act - Section 87 - Subsection 87(9) allocation of s. 87(9)(c)(ii) excess as parent chooses 218
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) late designation 106
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1.1) dovetailing with s. 87(2.1) 56
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2.2) deemed non-arm's length relationship on amalgamation 415
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2) deemed non-arm's length relationship on amalgamation 323
Tax Topics - Income Tax Regulations - Regulation 1102 - Subsection 1102(14) class continuity on non-arm's length amalgamation 311
Tax Topics - Income Tax Regulations - Regulation 8503 - Subsection 8503(3) - Paragraph 8503(3)(b) pre-amalgamation services 96

8 September 2014 External T.I. 2014-0529231E5 - Partnership to Sole Proprietorship

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20 September 2012 External T.I. 2012-0452411E5 - Manner of filing 98(5)(c) designations

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4 July 2012 External T.I. 2011-0429601E5 F - Roulement et société de personnes

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28 June 2012 External T.I. 2011-0427871E5 F - Application des paragraphes 98(3) 98(5) et 73(1)

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25 June 2012 External T.I. 2011-0403001E5 - From Partnership to Sole Proprietorship - CCA

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31 May 2012 External T.I. 2011-0426091E5 - 98(5) - ptnsp's leasehold int if ptnr is lessor

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14 March 2012 External T.I. 2011-0422551E5 F - Application du paragraphe 98(5)

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2010 Ruling 2009-0347301R3 - Does s.s. 13(21.2) apply on s.s. 98(5) rollover

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9 July 2009 External T.I. 2008-0275151E5 - Partnership Wind-up

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26 January 2001 External T.I. 2000-006072 -

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7 October 1994 A.P.F.F. Round Table, Q. 38, No. 5M08340

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5 November 1991 Memorandum (Tax Window, No. 13, p. 2, ¶1587)

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27 September 1991 T.I. (Tax Window, No. 11, p. 16, ¶1511)

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18 April 1990 T.I. (September 1990 Access Letter, ¶1425)

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19 September 89 T.I. (February 1990 Access Letter, ¶1112)

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) 31

89 C.R. - Q.35

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IT-338R "Partnership Interest - Effects on Adjusted Cost Base Resulting from the Admission or Retirement of a Partner"

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Articles

Perry Truster, "Windup-Bump Comparison: Subsections 98(3) and (5)", Tax for the Owner-Manager (Canadian Tax Foundation), Vol. 15, No. 1, January 2015, p. 8.

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Subsection 98(6) - Continuation of predecessor partnership by new partnership

Administrative Policy

30 June 2014 External T.I. 2014-0522181E5 F - Legal status of partnership and application of 98(6)

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9 September 2005 External T.I. 2005-012677 -

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90 C.R. - Q29

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89 C.R. - Q34

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IT-338R "Partnership Interests - Effects on Adjusted Cost Base Resulting from the Admission or Retirement of a Partner"

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