The taxpayer’s election pursuant to s. 110.6(19) understated the ACB of the subject shares. The Directorate indicated that the ACB on the election could now be amended to reflect the increased ACB (thereby increasing the taxpayer’s deduction room under s. 110.6(2.1)), notwithstanding that the time for amending the election pursuant to s. 110.6(27) had expired? It stated:
[T]he correction of the ACB of a property subject to the election does not constitute a modified election pursuant to subsection 110.6(27) since the taxpayer is not requesting a change to the amount shown as proceeds of disposition of those shares in the original election.