Which of the following statements with respect to the Tax On Split Income (TOSI) is correct?
A) A Specified Individual's holding of private company shares will be classified as Excluded Shares if their fair market value is equal to or greater than 10 percent of the fair market value of all of the company's shares.
B) A Specified Individual can only claim that dividends are from an Excluded Business if they are actively engaged in the business during the current taxation year.
C) Specified Individuals under the age of 18 can never claim that income received is from an Excluded Business.
D) Potential Split Income received by any Specified Individual can be an Excluded Amount, provided it is reasonable in terms of the individual's labour, capital, or risk contribution to the source business.
Correct Answer:
Verified
Q67: Which of the following transactions could result
Q68: An individual has Net Income For Tax
Q69: With respect to the use of loss
Q70: Which of the following statements with respect
Q71: Assuming that foreign income is taxed in
Q73: Katrina is 27 years old. During 2020
Q74: Which of the following amounts would NOT
Q75: Which of the following is NOT a
Q76: Under ITA 111.1, the order in which
Q77: Mrs. Perry's total income consisted of $10,000
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