In finding that the making of an s. 93(1) election in respect of a distribution to the taxpayer of a promissory note by a liquidating U.S. subsidiary (which, by producing a deemed dividend, effectively deemed the taxpayer to have been paid in full) precluded the taxpayer from later claiming a deduction under s. 20(1)(p) when the uncollected balance of the promissory note proved to be uncollectible, Décary J.A. stated (at p. 5362) that:
"What is deemed to have been paid cannot also be said to be due."