Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
A. Lagace
January 14, 1983
Re: Election under subsection 44(1)
This is in reply to your letter of January 6, 1983 concerning the above captioned subject.
In order to defer a capital gain under subsection 44(1) of the Act, an election must be made by the taxpayer "in his return of income under this Part for the year in which he acquired the replacement property." You have previously been advised with respect to a late election under subsection 39(4) that the Department does not consider an election to be late if it is filed before the time has expired for filing a notice of objection in respect of the initial assessment for that year.
You request our opinion as to whether this view applies as well to an election under subsection 44(1).
It is our view that an election filed before the time has expired for filing a notice of objection in respect of the initial assessment for the year in which the taxpayer acquired the replacement property will be considered a valid election under subsection 44(1) of the Act.
Yours truly,
for Director Non-Corporate Rulings Division
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© Her Majesty the Queen in Right of Canada, 1983
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© Sa Majesté la Reine du Chef du Canada, 1983
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