A general partnership (SENC) holds one or more buildings that are included in Class 1 along with additions thereto included in a separate class pursuant to a Reg. 1101(5b.1) election, and also holds property in Classes 8 and 10. If SENC makes the Reg. 1103(1) election, will that election extend to the property covered by the Reg. 1101(5b.1) election?
Before responding "no," CRA indicated that a partnership could make the Reg. 1103(1) election, and then stated:
[T]he making of an election under subsection 1103(1) by a taxpayer does not override the election under subsection 1101(5b.1) and will not nullify its effects. … Consequently … SENC could elect, under subsection 1103(1), to include in Class 1 of Schedule II, the properties in Classes 8 and 10, but could not include those covered by the election under subsection 1101(5b.1).