Which of the following would be considered by the CRA to be business income rather than property income or capital gains?
A) Profits from the sale of assets that were used to produce business income
B) Profit from the sale of assets that were used to produce property income
C) Profit from the sale of inventory items
D) Both A and C
Correct Answer:
Verified
Q18: While there are many similarities between business
Q19: List four criteria that can be used
Q20: Compare the procedures used to determine bad
Q21: During 2020, a depreciable capital asset with
Q22: When a business ceases to operate and
Q24: A self-employed individual cannot deduct CCA on
Q25: In situations where a business ceases to
Q26: If an asset has been held for
Q27: When property acquired for personal use is
Q28: The amounts charged to income for bad
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