Based on your study of this lesson please circle the best answer.
1. For assessment purposes, the Department of Health uses real property, including your woodlot and principle residence, in the calculation of net assets.
a) True b) False
2. Unused amounts of charitable donations can be carried forward for.
3. When a woodlot is donated to charity, the proceeds of disposition are always the fair market value of the woodlot.
4. When a will is properly prepared and an Executor has been appointed, probate fees are waived under Provincial Statutes.
5. _______ percent of the value of a woodlot charitably donated may earn credit as a donation.
a) 25% b) 50% c) 75% d) 100%
7. 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. a) True b) False
8. Power of Attorney refers to the appointment of one person to carry out the affairs of another .