72. Except in the case of section 69, an individual may elect that the cost of all capital property contemplated in section 68, with the exception of property described in subparagraphs a to e of the second paragraph, is deemed to be the fair market value on valuation day.
Such election applies only to capital property that he owns on 31 December 1971 and only if it is made in the prescribed form not later than the day on which he must file a fiscal return under Part I of the Taxation Act (chapter I-3) for his first taxation year in which he disposes of all or part of such capital property, with the exception:
(a) of personal-use property other than precious property or an immovable;
(b) of precious property whose disposition results in no gain or loss on account of section 289 or 290 of the Taxation Act;
(c) of his principal residence whose disposition results in no gain on account of section 271 of the said Act;
(d) of personal-use property which is immovable property other than his principal residence and whose disposition results in no gain on account of section 289 or 290 of the said Act; or
(e) of any other property the proceeds of disposition of which are equal to its fair market value on valuation day.
1972, c. 24, s. 73; 1973, c. 17, s. 153; 1973, c. 18, s. 39; 1975, c. 22, s. 275.