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Q1. David and Danny are two friends who each own 50% of the shares of Fancy Corp. Aside from Fancy Corp., David owns 51% of
Q1. David and Danny are two friends who each own 50% of the shares of Fancy Corp. Aside from Fancy Corp., David owns 51% of the shares of Riddle Ltd
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Explain, in detail, why the corporations involved in the preceding fact situation are associated or not associated. If they can be associated in one or more ways, use the appropriate provisions from Section 256 of the Canada Income Tax Act.
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