Which of the following scenarios would be appropriate for a section 85 rollover?
A) A shareholder of a corporation wishes to transfer his vehicle to his corporation.The vehicle originally cost $20,000 and has a market value of $12,000.
B) A corporation wishes to convert land owned by the company into a parking lot.
C) A taxpayer wishes to transfer property worth $200,000, with an ACB of $90,000, to her corporation.
D) A corporation is selling its equipment to another corporation and does not wish to own shares in the other corporation.
Correct Answer:
Verified
Q1: Which of the following statements is TRUE
Q3: Robert Smith owns 20% of the shares
Q4: Tony Brown sold 5000 of his shares
Q4: There are significant differences in the tax
Q5: Corporation A is a Canadian controlled private
Q7: Ben is incorporating his proprietorship and would
Q8: Green Co.transferred a small piece of land
Q9: Anthony is the sole shareholder of Glass
Q10: Janko Corp.has transferred the following three assets
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