Holder v. Canada, 2004 DTC 6413, 2004 FCA 188 -- summary under Subsection 248(28)

The taxpayer designated an elected amount of $50,010 in an election under s. 110.6(19) in respect of shares that were non-qualifying real property and whose fair market value was nominal, with the result that there was a deduction of $50,000 under each of s. 110.6(21)(b) and s. 110.6(22). Sharlow J.A. found that as both adjustments were the same in quantum and were the result of the same event, it was appropriate to apply s. 4(4) to provide that only one deduction should be made. She stated (at para. 12\) that "the fact that two statutory provisions have different objectives cannot, by itself, justify an inference that double taxation was intended".