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Greg was a farmer in southwest Ontario raising cattle and growing corn. Greg recently died and left two adult children - both of whom worked
Greg was a farmer in southwest Ontario raising cattle and growing corn. Greg recently died and left two adult children - both of whom worked on the farm. Which of the following is true about the possible tax treatment of the farm property? a) The property cannot be rolled over to his children, but the transfer at FMV is eligible for the LCGE. b) The property can be rolled over (at the ACB) to his children, provided the transfer occurs within the first three years following Greg's death. c) The property can only be rolled over to the children if the business of the farm was run as a partnership. 25 27 d) The property can be rolled over (at the ACB) to his children, provided they continue to run the farm for at least 5 years
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