Reconsider the scenario in Question Seven Assume that Lindsay and her partners made a joint tax election electing to transfer of the land to the partnership at its tax value ($40,000) Determine the tax consequences resulting from the transfer of the title to the land to the partnership under this assumption Income Tax Act reference ITA 97(2)

Question: Reconsider the scenario in Question Seven. Assume that Lindsay and her partners made a joint tax election electing to transfer of the land to the

Reconsider the scenario in Question Seven. Assume that Lindsay and her partners made a joint tax election electing to transfer of the land to the at its tax value ($40,000).
Determine the tax consequences resulting from the transfer of the title to the land to the under this assumption. Income Tax Act reference: ITA 97(2).

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