Module 10B: Introduction to Woodlot - Income Tax and Estate Planning

Results

This person got 8 of 10 possible points.
Total score: 80 %

Question Results

Score 0 of 1

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

Score 0 of 1

Question:

When a parent transfers a farm woodlot to their child, there are no changes to the tax situation.

Response:

True

False

Score 1 of 1

Question:

There is no advantage to trigger a gain on the rollover of a woodlot to a child.

Response:

True

False

Score 1 of 1

Question:

Rollover provisions exist that allow a transfer of  property into a corporation on a tax deferred basis.

Response:

True

False

Score 1 of 1

Question:

Transferring property to a child also includes a grandchild.

Response:

True

False

Score 1 of 1

Question:

A child does not qualify for the Intergenerational Transfer rules if they intend on selling the woodlot immediately after.

Response:

True

False

Score 1 of 1

Question:

As of March 17, 2007 the capital gains deduction is: _____.

Response:

$400,000

$500,000

$750,000

$1,000,000

Score 1 of 1

Question:

A maple products operation can not be considered as a qualified farm property .

Response:

True

False

Score 1 of 1

Question:

Crystallization transactions should not result in income tax payable or a claw-back of OAS.

Response:

True

False

Score 1 of 1

Question:

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.

Response:

True

False