A sculpture can be considered listed personal property.

Question 24 options:

	True
	False

Focus

When a taxpayer receives government grants or other types of assistance, these amounts are generally added to the adjusted cost base of the related asset.

Question 25 options:

	True
	False

Which statement best describes the distinction between regular farm losses and restricted farm losses?

Question 26 options:

	Both regular farm losses and restricted farm losses can be carried back three years, but regular farm losses can carry forward indefinitely, whereas restricted farm losses can be carried forward only twenty years.
	In the carry over period, regular farm losses can be applied against any source of income, whereas restricted farm losses can only be applied to the extent of capital gains in the year.
	Full-time farmers can incur regular farm losses, whereas part-time farmers or taxpayers whose chief source of income for a taxation year is neither farming nor a combination of farming and another source of income will incur restricted farm losses.
	Full-time farmers can incur regular farm losses, whereas restricted farm losses occur from farming activity where there is no reasonable expectation