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srilawsby aturio
As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I

56. Cost of and consideration received for partnership interest

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The following shall be included in the cost of a partner’s membership interest in a partnership:-

(a)

amounts included in calculating the partner’s income, under subsection (1) of section 55 at the time of the inclusion; and

(b)

the partner’s share (subsection (5) of section 55) of exempt amounts and final withholding payments derived by the partnership, at the time the amount or payment is derived.

(2)

The following shall be included in the consideration received for a partner’s membership interest in a partnership:-

(a)

amounts deducted in calculating the partner’s income, under subsection (1) of section 55 at the time of deduction;

(b)

distributions made by the partnership to the partner, at the time of distribution; and

(c)

the partner’s share (subsection (5) of section 55) of domestic or excluded expenditure incurred by the partnership, at the time the expenditure is incurred.

Division III: Trusts and Unit Trusts

Read on from s 57

Part II

Read on from Part II

Schedules