Mary purchased a corporate bond on January 5, 2021 and, on the same day, gave it to her 17-year-old daughter, Jill. Jill turned 18 on April 1, 2021. The bond paid Jill $3,000 in interest during the year. Which one of the following statements is true?

		Neither Jill nor her mother has to report any interest income in 2021.
		Mary must report the $3,000 of interest income in her 2021 personal tax return.
		Jill and her mother can split the interest income according to the time the GIC was held by each of them.
		Jill must report the entire $3,000 amount of interest income in her 2021 personal tax return.

1. Lance Mann dies, leaving a depreciable property to his son, Paul Mann. The property has a capital cost of $200, 000 and a fair market value of $150,000. It is the only asset in a CCA Class with a UCC balance of $140,000. The tax consequences of this bequest would be:

   		Recapture of $10,000 for Lance and the capital cost of the asset for Paul will be $200,000.
   		A taxable capital gain for Lance of $10,000 and a capital cost of the asset for Paul of $150,000.
   		Recapture of $20,000 for Lance and a capital cost of the asset to Paul of $150,000.
   		Recapture of $20,000 for Lance and a capital cost of the asset for Paul of $140,000.

Monica Martin dies, leaving a depreciable property to her daughter that has a capital cost of $200,000, a fair market value of $120,000, and a UCC of $85,000. Which of the following statements related to this event is NOT correct?

		Monica will have a taxable capital gain of nil.
		Monica will have recapture of $35,000.
		If her daughter later sells the property for $130,000, she will have a capital gain of $10,000.
		For calculating CCA, the daughters UCC will be $120, 000.