Question
Which of the following is least likely to be a factor with regards to reviewing whether an asset sale transaction is a Capital Transaction versus
Which of the following is least likely to be a factor with regards to reviewing whether an asset sale transaction is a Capital Transaction versus a Business Transaction?
| Length of time the asset was owned by the taxpayer. | ||
| Primary vs Secondary Intentions with regards to purchasing the asset. | ||
| The number of times the taxpayer has successfully completed a similar transaction | ||
| The amount of Capital Gain that is calculated for this transaction |
With regards to a a Qualified Small Business Corporation (QSBC) as defined in this course's textbook, choose the following statement that is the most accurate and true?
| A QSBC is a CCPC and at least 50% of the fair market value assets are Canadian active asset at anytime in the past 24 months prior to determination date (share sale date) | ||
| A QSBC is a CCPC and at least 50% of the fair market value assets are Canadian active asset at anytime in the past 12 months prior to determination date (share sale date) | ||
| A QSBC is a CCPC and at least 10% of the fair market value assets are Canadian active asset at anytime in the past 24 months prior to determination date (share sale date) | ||
| A QSBC is a non- CCPC and at least 50% of the fair market value assets are Canadian active asset at anytime in the past 24 months prior to determination date (share sale date) |
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Auditing And Assurance Services
Authors: William Messier, Steven Glover, Douglas Prawitt
8th Edition
0078025435, 9780078025433
