Section 40
in the LP. - So the LP's got back income no offsetting deduction, if - that makes sense. - MS. McNAMARA: So would the tax - expense in the LP be offset by a deduction in Nova Scotia - Power? - MR. FERGUSON: That's right. Like not - perfect...
AI summary The discussion revolves around the tax implications of transferring assets to a limited partnership (LP) and how this affects Nova Scotia Power's credit metrics. The transfer removes the equity component of financing, reducing taxable income and allowing Nova Scotia Power to reduce debt and equity in line with its capital structure.