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income tax In accordance with ITA 245(2), if a transaction is deemed to be an avoidance transaction under the general anti-avoidance rules (GAR), which of
income tax
In accordance with ITA 245(2), if a transaction is deemed to be an avoidance transaction under the general anti-avoidance rules (GAR), which of the following happen? Choose the comed answer OA. A penalty of 50% of the underpaid tax on the ransaction will be assesoul OB The taxpayer will face imprisonment for a period not exceeding 2 years OC. The taxpayer will be denied the tax benefit that arose from the avoidance transaction OD. The tax return preparer will be subject to a $100 penaltyStep by Step Solution
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