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

Results

This person got 7 of 8 possible points.
Total score: 88 %

Question Results

Score 1 of 1

Question:

For assessment purposes, the Department of Health uses real property, including your woodlot and principle residence, in the calculation of net assets.

Response:

True

False

Score 1 of 1

Question:

Unused amounts of charitable donations can be carried forward for.

Response:

three years

seven years

ten years

five years

Score 1 of 1

Question:

When a woodlot is donated to charity, the proceeds of disposition are always the fair market value of the woodlot.

Response:

True

False

Score 1 of 1

Question:

When a will is properly prepared and an Executor has been appointed, probate fees are waived under Provincial Statutes.

Response:

True

False

Score 1 of 1

Question:

_______  percent of the value of a woodlot charitably donated may earn credit as a donation.

Response:

25%

50%

75%

100%

Score 0 of 1

Question:

Probate fees are based on the value of the estate; the higher the value of the estate, the lower the probate fees.

Response:

True

False

Score 1 of 1

Question:

If an asset is held in joint tenancy for probate purposes, but only one spouse was the actual owner, then income taxes cannot be avoided.

Response:

True

False

Score 1 of 1

Question:

Power of Attorney refers to the appointment of one person to carry out the affairs of another .

Response:

True

False