Which of the following is NOT one of the conditions necessary for the ITA 87(1) (amalgamation) rollover to apply?
A) All the predecessor corporations must be Canadian controlled private corporations.
B) All shareholders of the predecessor corporations must receive shares of the amalgamated corporation as a result of the amalgamation.
C) All of the assets and liabilities of the predecessor corporations, other than intercompany balances, must be transferred to the amalgamated corporation in the amalgamation.
D) The transfer must be supported by corporate legislation that identifies the transaction as an amalgamation.
Correct Answer:
Verified
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