Based on your study of this lesson please circle the best answer.
1. The general rule is that the transfer of a woodlot is assumed to have taken place at the ______.
a) original cost b) fair market value c) adjusted cost bas
2. When a parent transfers a farm woodlot to their child, there are no changes to the tax situation.
3. There is no advantage to trigger a gain on the rollover of a woodlot to a child.
4. Rollover provisions exist that allow a transfer of property into a corporation on a tax deferred basis.
a) True b) False
5. Transferring property to a child also includes a grandchild.
7. As of March 17, 2007 the capital gains deduction is: _____. a) $400,000 b) $500,000 c) $750,000 d) $1,000,000
8. A maple products operation can not be considered as a qualified farm property .
9. Crystallization transactions should not result in income tax payable or a claw-back of OAS.
10. 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.