21 December 2006 External T.I. 2006-0170851E5 F - Option d'achat de biens immeubles -- summary under Subsection 49(1)

Where the owner of a farm granted an option for consideration to sell his farm in 2005 and received a further sum in 2006 to extend the option, those amounts would be recognized as gains in 2005 and 2006, respectively, pursuant to s. 49(1) except for the portions received respecting the principal residence (the farmhouse).