During 2018, an individual sells his incorporated business for its fair market value. At the time of
Fantastic news! We've Found the answer you've been seeking!
Question:
A. If no election is made, the vendor will have an addition to net business income for tax purposes of $2,300.
B. If no election is made, the vendor will have an addition to net business income for tax purposes of $4,550 .
C. If an election is made under ITA 22, the vendor will have a deduction in the determination of net business income for tax purposes of $2,300.
D. If an election is made under ITA 22, the vendor will have a deduction in the determination of net business income for tax purposes of $4,500.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Posted Date: