Matching
or each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Subject Corporation
Non-Share Consideration
Capital Gains Stripping
Transferee
Superficial Loss - ITA 54
Boot
Dividend Stripping
Rollover
Responses:
A loss on the disposition of property that is disallowed for tax purposes because the taxpayer has acquired an identical property, either 30 days before the disposition or, alternatively, 30 days after the disposition.
A colloquial term used by tax practitioners to refer to cash consideration.
A taxpayer to whom a transfer is made.
A taxpayer who makes a transfer.
As this term is used in tax work, it refers to any tax free transfer of assets between related persons.
Consideration received by a taxpayer from a corporation that is in the form of assets other than shares of the corporation.
For purposes of the Part IV tax, a public corporation that is controlled by, or for the benefit of, an individual or a related group of individuals.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to an arm's length party, into a tax free intercorporate dividend.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to a non-arm's length party, into a tax free intercorporate dividend.
Consideration received by a taxpayer from a corporation that is in the form of cash or a note payable.
Procedures designed to allow an individual to remove accumulated income from a corporation in the form of tax-free capital gains, while still retaining control of the corporation.
A colloquial term used by tax practitioners to refer to non-share consideration.
A deduction in the calculation of business and property income which arises when the last asset in a CCA Class is retired and a positive balance is left in the Class.
None of the definitions apply. (This answer can be used more than once.)
A tax free transfer of assets under circumstances that, in the absence of a special provision, would be considered a taxable transfer.
Correct Answer:
Premises:
Responses:
A loss on the disposition of property that is disallowed for tax purposes because the taxpayer has acquired an identical property, either 30 days before the disposition or, alternatively, 30 days after the disposition.
A colloquial term used by tax practitioners to refer to cash consideration.
A taxpayer to whom a transfer is made.
A taxpayer who makes a transfer.
As this term is used in tax work, it refers to any tax free transfer of assets between related persons.
Consideration received by a taxpayer from a corporation that is in the form of assets other than shares of the corporation.
For purposes of the Part IV tax, a public corporation that is controlled by, or for the benefit of, an individual or a related group of individuals.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to an arm's length party, into a tax free intercorporate dividend.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to a non-arm's length party, into a tax free intercorporate dividend.
Consideration received by a taxpayer from a corporation that is in the form of cash or a note payable.
Procedures designed to allow an individual to remove accumulated income from a corporation in the form of tax-free capital gains, while still retaining control of the corporation.
A colloquial term used by tax practitioners to refer to non-share consideration.
A deduction in the calculation of business and property income which arises when the last asset in a CCA Class is retired and a positive balance is left in the Class.
None of the definitions apply. (This answer can be used more than once.)
A tax free transfer of assets under circumstances that, in the absence of a special provision, would be considered a taxable transfer.
Premises:
A loss on the disposition of property that is disallowed for tax purposes because the taxpayer has acquired an identical property, either 30 days before the disposition or, alternatively, 30 days after the disposition.
A colloquial term used by tax practitioners to refer to cash consideration.
A taxpayer to whom a transfer is made.
A taxpayer who makes a transfer.
As this term is used in tax work, it refers to any tax free transfer of assets between related persons.
Consideration received by a taxpayer from a corporation that is in the form of assets other than shares of the corporation.
For purposes of the Part IV tax, a public corporation that is controlled by, or for the benefit of, an individual or a related group of individuals.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to an arm's length party, into a tax free intercorporate dividend.
Procedures designed to allow a corporation to convert a taxable capital gain resulting from the disposition of investment shares to a non-arm's length party, into a tax free intercorporate dividend.
Consideration received by a taxpayer from a corporation that is in the form of cash or a note payable.
Procedures designed to allow an individual to remove accumulated income from a corporation in the form of tax-free capital gains, while still retaining control of the corporation.
A colloquial term used by tax practitioners to refer to non-share consideration.
A deduction in the calculation of business and property income which arises when the last asset in a CCA Class is retired and a positive balance is left in the Class.
None of the definitions apply. (This answer can be used more than once.)
A tax free transfer of assets under circumstances that, in the absence of a special provision, would be considered a taxable transfer.
Responses:
Related Questions
Q75: Joan Barkin is going to transfer the
Q76: Natalie Bushkin's unincorporated business has land with
Q77: Derek Blunt wishes to transfer a non-depreciable
Q78: Darlene Saunders has operated an unincorporated business
Q79: Using ITA 85, Tom Leung transfers non-depreciable
Q80: Which of the following conditions is NOT
Q81: During 2019, Martha Stuart transfers a non-depreciable
Q82: Mr. Marshal Stack owns 100 percent of
Q83: For each of the key terms listed,
Q84: During 2019, Mrs. Jeanne Keanings uses ITA
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents