Income Tax Act (Cap. 123), article 47

47. Distributions to shareholders of a company or to partners in any partnership by a liquidator in the course of winding up the company or the partnership, to the extent to which they represe nt income derived by the company or by the partnership (whether before or during liquidation) and any distributions from the untaxed account shall, for the purposes of this Act, be deemed to be dividends paid to the shareholders by the company out of the profits derived by it, or profits distributed to the partners, as the case may be. Special provisions for computation of income derived from sale or other disposal or trading stock. Renumbered by: XVII. 1994.2. Amended by: XVII. 1994.18.