Ian Home has a property that he purchased several years ago for $20,000. It has a current fair market value of $30,000.
The following Six Scenarios are proposed for the transfer of this property by Ian to a trust. For each Scenario, indicate the tax consequences to Ian at the time of transfer, as well as the adjusted cost base of the property within the trust.

Question

Quizplus · Accepted Answer

The Answer of Ian Home has a property that he purchased several years ago for $20,000. It has a current fair market value of $30,000.
The following Six Scenarios are proposed for the transfer of this property by Ian to a trust. For each Scenario, indicate the tax consequences to Ian at the time of transfer, as well as the adjusted cost base of the property within the trust.

Ian Home Has a Property That He Purchased Several Years