No. What happens is that instead of calculating a recapture of your eligible capital property pool, you just remove the cost of that taxi licence from the amounts that you've included in calculating the pool. That will adjust your pool. It may give rise to a recapture; it may not. But it ensures, with this election, that the gain on that licence is treated as a capital gain, and not as a recapture of eligible capital property amounts in the pool.
On December 5th, 2006. See this statement in context.