Mr. Germotte has two offers to purchase his solely owned corporation, one for the assets, one for the shares. In considering the asset offer, which of the following statements is correct?
A) The sale of assets will avoid having to take the corporation through a winding-up procedure.
B) Mr. Germotte can take advantage of the lifetime capital gains deduction if the corporation is a qualified small business corporation.
C) Mr. Germotte may be subject to taxes on business income and capital gains.
D) The corporation may be subject to taxes on business income and capital gains.
Correct Answer:
Verified
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