Which of the following assets cannot be transferred to a corporation under the provisions of ITA 85(1)?
A)Depreciable capital property.
B)Canadian resource properties.
C)A group of real properties that are being held for immediate resale.
D)Eligible capital property that is being held for immediate resale.

Question

Quizplus · Accepted Answer

Under ITA 85(1), assets transferred to a corporation must be eligible for a rollover, which typically excludes inventory or properties held for resale, as these do not qualify for deferral of tax on gains.

Which of the Following Assets Cannot Be Transferred to a Corporation