Subsection 25(1) - Fiscal period of business disposed of by individual
Contonis v. The Queen, 95 DTC 511 (TCC)
By including in its 1984 income tax return a profit and loss statement for a business for the period of February 1, 1983 to January 31, 1984 that showed the operating profit from carrying on that business and also a loss on the sale of the business, the taxpayer was found to have made an election under s. 25(1). That election moved both the operating profits and such loss into 1984.
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|Tax Topics - Income Tax Act - Section 152 - Subsection 152(5)||105|