Question:
The general rule is that the transfer of a woodlot is assumed to have taken place at the ______.
Response:
original cost
fair market value
adjusted cost base
When a parent transfers a farm woodlot to their child, there are no changes to the tax situation.
True
False
There is no advantage to trigger a gain on the rollover of a woodlot to a child.
Rollover provisions exist that allow a transfer of property into a corporation on a tax deferred basis.
Transferring property to a child also includes a grandchild.
A child does not qualify for the Intergenerational Transfer rules if they intend on selling the woodlot immediately after.
As of March 17, 2007 the capital gains deduction is: _____.
$400,000
$500,000
$750,000
$1,000,000
A maple products operation can not be considered as a qualified farm property .
Crystallization transactions should not result in income tax payable or a claw-back of OAS.
In an estate freeze, any future increase in the value of the asset will be passed on to the children or the spouse in some cases.
Natural Resources