Jerry transfers a Class 10 depreciable property to Bampton Holdings Inc., a corporation 100% owned by Jerry.

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Jerry transfers a Class 10 depreciable property to Bampton Holdings Inc., a corporation 100% owned by Jerry. The property was the only asset in Jerry''s Class 10 UCC pool.

Capital cost to Jerry: $25,000

Selling price (FMV): $20,000

UCC: $22,000

Which of the following statements regarding this transaction is true at the time of transfer?

Jerry is allowed to claim a terminal loss.

Bampton Holdings is allowed to claim a terminal loss.

Jerry is deemed to own a Class 10 asset with a UCC of $22,000 after the transfer.

Bampton Holdings and Jerry are allowed to claim CCA after the transfer.

Posted Date: Jun 23, 2024 12:08 AM

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Jerry transfers a Class 10 depreciable property to Bampton Holdings Inc., a corporation 100% owned by Jerry.

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