A deceased person held an interest in a family farm partnership. Can the executor elect to have s. 70(6) apply to only a portion of the partnership interest? After noting that “a partnership interest, even if it is represented by the holding of units with or without identical rights, constitutes a single property of the partner,” CRA stated:
[S]ubsection 70(6.2) does not provide for an election in respect of only a portion of a property. Consequently, a legal representative cannot elect under subsection 70(6.2) only in respect of the portion of the interest in a family farm partnership.
This contrasted with qualified small business corporation shares, for which the election could and was required to be made in respect of a particular number of shares.