There are various assets of the Brantford dealership that the purchaser is not interested in acquiring. Therefore,
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There are various assets of the Brantford dealership that the purchaser is not interested in acquiring. Therefore, MAG is planning to sell these assets at fair market value to Moretti Auto Consulting Services Inc. (MACS), a corporation owned solely by Val. I would like you to outline the tax implications to MAG of this transaction separately from the sale of the Guelph and Brantford dealerships. Do not worry about the tax consequences to MACS as we will deal with them later in the year when we prepare MACS' 2024 tax return. MAG is hoping to use any losses that arise from the sale of these assets to reduce its income."
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