Mr. Loki died on July 15, 2022. He was survived by his partner and his daughter. You are the executor of his estate. One of your responsibilities is to determine the tax treatment that results in the lowest possible tax on the estate in respect of the following items.

(a) A rental property, purchased in 2013 with the following tax features, was left to Mr. Loki's daughter:

(b) The rental property generated net rental income of $5,300, before CCA, in the period from January 1, 2021 to July 15, 2022.

(c) Mr. Loki's will directed that 100 shares of Underground Airways Ltd., a public corporation, that were purchased in 2018 for $17,300 be transferred to his partner. The shares had a fair market value of $38,700 on July 15, 2022. Mr. Loki did not have any net capital losses available to offset the unrealized gain at the time of his death.

(d) The following taxable dividends from a Canadian-controlled private corporation were declared in 2022 from its low-rate income, prior to his death, and paid in 2022, as indicated:

(e) Mr. Loki's accounting practice, which had a December 31 year-end, generated $64,000 of income in the period in 2022 before his death.

(f) Term life insurance of $100,000, to cover his business debts, was paid to Mr. Loki's estate on his death.

(g) Mr. Loki had declared his partner a beneficiary for his RRSP. As a result, the $73,000 (fair market value) was paid to him.

REQUIRED: Show all calculations necessary to support your conclusions.

1. Determine the income for tax purposes under Division B in a way that will result in the minimum possible tax consequences in the circumstances. Comment on the adjusted cost base or the tax position of the individuals who inhisit property after giving effect to Mr. Loki's will. (13 Marks)
2. What are the advantages of filing a separate return? (2 Marks)
3. Provide the filing deadlines for the following income tax returns: (3 Marks)
4. The final (terminal) return.
5. The rights or things return.