If Affiliated Member M Sells an Asset with a Cost

question 44

Multiple Choice

If affiliated member M sells an asset with a cost of $20,000 to affiliated member N for $23,000, how much is eligible for the investment tax credit to be claimed by N?

• A)$0
• B)$3,000
• C)$14,000
• D)$20,000
• E)$23,000

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Definitions:

Age Cohort

A group of individuals sharing a similar age, who undergo the same life experiences or historical events during a particular time period.

Disability

A physical or mental condition that limits a person's movements, senses, or activities, affecting their daily life and possibly requiring special accommodations.

Normality

The condition or state of conforming to a standard, norm, or expectation that is typical within a society or group.

Rehabilitation

The practice of rehabilitating an individual to their normal state of health or life by means of therapy and training following imprisonment, addiction, or disease.