Bill wants to give his personal assistant, Betty, in recognition of her hard work and loyalty, a
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Question:
Bill wants to give his personal assistant, Betty, in recognition of her hard work and loyalty, a profits interest in a partnership that owns swampland in the south. Bill has a 20% interest in partnership profits and capital, and he gives 2% profits interest to Betty.
Required What are the tax consequences to Bill and Betty?
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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