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Question 12 (1 point) Regarding gifts of Canadian Cultural Property, the value of the tax receipt is the FMV of the gift. There is no
Question 12 (1 point) Regarding gifts of Canadian Cultural Property, the value of the tax receipt is the FMV of the gift. There is no reportable capital gain resulting from the gift regardless of unrealized capital gains, but a taxpayer can deduct capital losses on the property within the usual limits. True False Question 13 (1 point) The federal government encourages donations to charities by providing tax credits that are deducted from federal taxes payable. However, even if a taxpayer is in the highest federal tax bracket, the first $200 of donation receives a federal credit of only 1596 True False Question 14 (1 point) A beneficiary is someone who benefits from a trust. An income beneficiary, despite the title, is generally eligible to receive both income and capital disbursements from a trust. True False Question 15 (1 point) Spendthrift trusts and voluntary trusts are similar in function and direction to beneficiaries regarding disbursement True False
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