Section YB 12 — Income Tax Act 2007: Partnership and partner

YB 12 Partnership and partner Association (1) A partnership and a partner in the partnership are associated persons. Limited partnerships (2) Subsection (1) does not apply if the partner is a limited partner. Instead a limited partnership and a limited partner are associated persons if the limited partner has a partnership share of 25% or more in a right, obligation, or other property, status, or thing of the limited partnership. Limited partnerships: general aggregation rule (3) For the purposes of subsection (2), if a person ( person A ) and another person ( person B ) are associated under any of sections YB 2 to YB 11 and YB 14 , person A is treated as holding anything held by person B. Limited partnerships: aggregation rule for land provisions (4) For the purposes of subsection (2), if a person ( person A ) and another person ( person B ) are associated under any of sections YB 2 , YB 3 , YB 4(1)(b) and (2) to (4) , YB 7 , YB 8 , YB 10 , YB 11 , and YB 14 , person A is treated as holding anything held by person B. Defined in this Act: associated person , limited partner , limited partnership , partnership , share Section YB 12: substituted, on 1 April 2010, by section 563(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).