Porter v. Armstrong, [1926] 2 DLR 340, [1926] S.C.R. 328 -- summary under Subsection 85(1.1)

By services, 28 November, 2015

Two individuals did not agree to purchase land as partnership property given that in their mind there was no "binding agreement which would disable either of them from dealing with the share - that is to say, with the share in the land itself - as his own separate property" (p. 330). Duff J. stated:

"The property of the partnership is not divisible among the partners in specie. The partner's right is a right to a division of profits according to the special arrangement, and as regards the corpus, to the sale and division of the proceeds on dissolution after the discharge of liabilities. This right, a partner may assign, but he cannot transfer to another an undivided interest in the partnership property in specie."

Topics and taglines
Topic
Income Tax Act - s. 85(1.1)
Tagline
partner cannot deal with partnership property as its owner
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
338952
Extra import data
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