Which of the following scenarios does not describe two associated corporations (in a de jure context)? (There is no specified corporate income in any of the scenarios.)

Multiple Choice

• Tiny Co. is wholly owned by Elsa Nyberg. Elsa's child, Charly, owns 65% of the shares of Creative Inc. Elsa owns the remaining 35% of the shares.

• ABC Co. owns 90% of the shares of XYZ Co.

• Toni and Dorien are a married couple who each own 50% of the shares of Penn Co. Their children, Sal and Geri, each own 45% of Paya Co., and Toni owns the remaining 10% of the shares.

• Bilal Chol owns 100% of the shares of Triad Ltd. Chol's parents, Jaden and Amna, each own 30% of the shares of Quid Co. A friend owns 10% of Quid Co., and Bilal owns the remaining shares.

Subject: Canadian Income Taxation