income tax act of Canada

The following situations are independent of each other. All of the corporations involved are Canadian controlled private corporations and have only one class of shares. A. Circle Ltd. owns 51 percent of the shares of Loop Ltd., which in turn owns 51 percent of the shares of Ring Ltd. B. Gerald Stone owns 75 percent of the shares of Rock Ltd. and 85 percent of the shares of Boulder Ltd. C. The percentage share ownership of Jukebox Ltd. and Vending Ltd. are as follows: Jukebox Vending Jewel Cunningham 35 45 Roger Takahashi 15 Kari Fisher 5 8 Ming Chen 45 Kelly Clerkson 32 Total 100 100 15 None of the individuals are related to each other. D. Rainer Gosling owns 100 percent of the shares of Fowl Ltd. Beatrice Owlet, Rainer's sister, owns 100 percent of the shares of Capon Ltd. Rainer, Beatrice, and their mother and father each own 25 percent of the shares of Pullet Ltd. E. Ryan McLain owns 62 percent of the shares of McLain Ltd. and 40 percent of the shares of Chatelaine Ltd. McLain Ltd. owns 18 percent of the shares of Chatelaine Ltd. F. Melissa Andrews owns 75 percent of the shares of Andrews Ltd. and 25 percent of the share of Statler Ltd. Jeremey Statler, Melissa's brother, owns 75 percent of the shares of Statler Ltd. and 25 percent of the shares of Andrews Ltd. Required: For each of the preceding situations, indicate whether the corporations are associated and explain your conclusion with reference to the Income Tax Act. The following situations are independent of each other. All of the corporations involved are Canadian controlled private corporations and have only one class of shares. A. Circle Ltd. owns 51 percent of the shares of Loop Ltd., which in turn owns 51 percent of the shares of Ring Ltd. B. Gerald Stone owns 75 percent of the shares of Rock Ltd. and 85 percent of the shares of Boulder Ltd. C. The percentage share ownership of Jukebox Ltd. and Vending Ltd. are as follows: Jukebox Vending Jewel Cunningham 35 45 Roger Takahashi 15 Kari Fisher 5 8 Ming Chen 45 Kelly Clerkson 32 Total 100 100 15 None of the individuals are related to each other. D. Rainer Gosling owns 100 percent of the shares of Fowl Ltd. Beatrice Owlet, Rainer's sister, owns 100 percent of the shares of Capon Ltd. Rainer, Beatrice, and their mother and father each own 25 percent of the shares of Pullet Ltd. E. Ryan McLain owns 62 percent of the shares of McLain Ltd. and 40 percent of the shares of Chatelaine Ltd. McLain Ltd. owns 18 percent of the shares of Chatelaine Ltd. F. Melissa Andrews owns 75 percent of the shares of Andrews Ltd. and 25 percent of the share of Statler Ltd. Jeremey Statler, Melissa's brother, owns 75 percent of the shares of Statler Ltd. and 25 percent of the shares of Andrews Ltd. Required: For each of the preceding situations, indicate whether the corporations are associated and explain your conclusion with reference to the Income Tax Act