Which of the following statements correctly describes the anti-avoidance rules included in the Income Tax Act?

The key to understanding the anti-avoidance rules lies in establishing whether a transaction results in a tax benefit.
In order for a transaction to be considered an avoidance transaction, its primary objective must be other than to obtain a tax benefit.
A transaction will not be an avoidance transaction if the taxpayer establishes that it is undertaken primarily for bona fide tax purposes.When person is involved in an avoidance transaction, tax will be adjusted to deny the tax benefit that would have resulted from the transaction(s).

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