XCO Investments Ltd. v. The Queen, 2005 DTC 1731, 2005 TCC 655 -- summary under Paragraph 96(1)(f)

By services, 28 November, 2015

Before concluding that the method of income allocation between the taxpayers and another partner of a partnership was unreasonable under s. 103(1), Bowman C.J. indicated that, in the absence of s. 103(1), it would have been permissible for the third party to share only in the income attributable to a specific rental property of the partnership:

"I can see no legal impediment to limiting one partner's participation in the Partnership's income and property to one part of the Partnership's business. Partners are free to create unorthodox means of dividing the profits and assets of the Partnership without invalidating these provisions."

Topics and taglines
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
339713
Extra import data
{
"field_legacy_header": "<strong><em>XCo Investments Ltd. v. The Queen</em></strong>, 2005 DTC 1731, 2005 TCC 655",
"field_override_history": false,
"field_sid": "",
"field_topic_category": "seealso"
}