A. Humenuk (613) 957-2135
DEC - 6 1988
Dear Sirs:
Re: Subsection 70(6) and 70(6.2) of the Income Tax Act
We are responding to your letter dated October 5, 1988, wherein you requested our views on the application of the above noted subsections of the income Tax Act (the "Act"). You have asked whether the executors of an estate can elect under subsection 70(6.2) of the Act in respect of some shares and not others, where all of the subject shares are identical properties.
Although the shares may be identical properties, each share is still a separate property as defined in subsection 248(1) of the Act. As subsection 70(6.2) does not impose a requirement to treat any property in the same manner as any other property, it is our view that an executor can elect under subsection 70(6.2) of the Act in respect of some shares and not others, provided the shares otherwise qualify for the election.
We trust our comments will be of assistance
Yours truly,
Director General Specialty Rulings Directorate Legislative and Intergovernmental Affairs Branch