[Verse 1] When partners join to make their way Computing income starts today Section ninety-six will guide you through Each partner's share of what is due Take the partnership's total gain Then allocate through sun and rain Based on agreements they have made Each partner's portion must be weighed [Chorus] Partnership rules, remember the four Compute the income, then explore Adjusted cost base, keep it right At-risk rules shining bright Limited partnerships need special care Tax shelters lurking everywhere Ninety-six point two point two These partnership rules will see you through [Verse 2] Adjusted cost base starts with what you paid Add income allocated, don't be afraid Subtract the losses and withdrawals too Capital gains and losses, they're part of you Track every change throughout the year Your ACB must be crystal clear When partnership interest gets sold away ACB determines gain that day [Chorus] Partnership rules, remember the four Compute the income, then explore Adjusted cost base, keep it right At-risk rules shining bright Limited partnerships need special care Tax shelters lurking everywhere Ninety-six point two point two These partnership rules will see you through [Bridge] At-risk means what you stand to lose Your investment and guarantees you choose Limited partners can't deduct more Than their at-risk amount for sure Tax shelters face the toughest test Limited partnerships assessed Special rules apply with care When tax avoidance fills the air [Verse 3] Limited partners have protection strong But tax deductions can go wrong Cannot exceed their investment true Plus any debt that's guaranteed by you Tax shelters under microscope Complex rules beyond basic scope Professional help you'll surely need When these partnerships take the lead [Chorus] Partnership rules, remember the four Compute the income, then explore Adjusted cost base, keep it right At-risk rules shining bright Limited partnerships need special care Tax shelters lurking everywhere Ninety-six point two point two These partnership rules will see you through [Outro] From computing income allocation To ACB calculation At-risk limits keep you sound Partnership knowledge you have found
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