Versions of s. 14(1.02)

If at any time in a taxation year a taxpayer has disposed of an eligible capital property in respect of which an outlay or expenditure to acquire the property was made before 1972 (which outlay or expenditure would have been an eligible capital expenditure if it had been made or incurred as a result of a transaction that occurred after 1971), the taxpayer’s actual proceeds of the disposition exceed the total of those outlays or expenditures, that total can be determined, subsection 21(1) of the Income Tax Application Rules applies in respect of the disposition and, for taxpayers who are individuals, the taxpayer’s exempt gains balance in respect of the business for the taxation year is nil, the taxpayer may, in the taxpayer’s return of income for the taxation year, or with an election under subsection 83(2) filed on or before the taxpayer’s filing-due date for the taxation year, elect that the following rules apply: