Does the section 22 election actually save me money, or just change who reports what?

It can genuinely change the tax result, not just shuffle paperwork between buyer and seller, when accounts receivable are sold as part of a business for less than their face value. Without this joint election, a seller's discount on receivables sold below face value is generally treated as a capital loss, which has limited usefulness since it can only offset capital gains. With the election properly made, that same discount is instead treated as a fully deductible business loss for the seller, which can be used against ordinary business income — a real, and sometimes significant, difference depending on the seller's overall tax picture.

On the buyer's side, the election also sets clearer rules for how amounts actually collected on those receivables afterward are taxed: amounts collected above what the buyer paid are generally treated as income, and shortfalls as deductible losses, rather than the buyer navigating capital-property treatment for what are really working-capital assets.

Whether it "saves money" depends on each party's specific numbers and tax position, but it does more than change reporting — it changes the character of the amounts involved for both sides. Both parties generally need to join in making the election.