CCPC going public last tax year and the disposition in current tax year.

In 2019 a CCPC I was invested in went public. I completed the T2101 Election for Gains on Share of a Corporation Becoming Public under section 48.1.

In 2020 the shares were sold. When completing my return. Do enter the disposition of the public corporation in the investments section and adjust the ACB to the proceeds of the deemed disposition specified in T2101?

687

Level 5

Apr 26, 2021 1:27:40 PM

Thank you for choosing TurboTax!

You are correct, when disposing of the public shares in 2020 your Adjusted Cost Base is the amount you specified on Line 3 of T2101. In making the election in 2019, you were deemed to have disposed of the shares at the specified amount and reacquired them at the same amount (paragraph 48.1(d) )

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CCPC going public last tax year and the disposition in current tax year.