Understanding the Taxation of Partnerships


158 pages
Contains Index
ISBN 0-88796-175-4





Reviewed by Robert B. Shortly

Robert B. Shortly was a chartered accountant in Toronto.


This book is designed to give a practical explanation of Canadian income tax law relating to partnership. Peter McQuillan and Cal Cochrane are chartered accountants who have had many years of experience in this area. As a technical reference book, its orientation is from the perspective of a chartered accountant, thus it is succinct and to the point. Topics discussed include: what is a partnership?, computation of income, adjusting cost base, transfer of property, incorporation, dissolution, merging, retired partners, non-resident partners, and limited partners. To facilitate cross-referencing, there is a topical index.

Given the complexities of partnership taxation, the book is a good basic reference source. However, for more convoluted situations, other supplementary sources would be necessary. There is also the problem of the ever-changing tax laws, which necessitate that the reader have current references to integrate with the basics articulated in the book (it was written in May 1982, incorporating the relevant provisions of the November 12, 1981, budget but not the actual or draft legislation).


McQuillan, Peter E., and E. Cal Cochrane, “Understanding the Taxation of Partnerships,” Canadian Book Review Annual Online, accessed July 20, 2024, https://cbra.library.utoronto.ca/items/show/38894.