What Is an "Originating Difference

question 30

Multiple Choice

What is an "originating difference"?

• A)The net carrying amount of a capital asset or capital asset class for tax purposes in Canada.
• B)A temporary item that narrows that gap between accounting and tax values of an asset or liability.
• C)A temporary item that widens the gap between accounting and tax values of an asset or liability.
• D)The terminology used for depreciation of capital assets under for tax purposes in Canada.

---

Definitions:

RULPA

An acronym for the Revised Uniform Limited Partnership Act, which governs the operation of limited partnerships in the United States.

Dissolution

The process of legally dissolving a corporation or formal organization, leading to the cessation of its operations and the distribution of its assets.

Liquidated

The process of converting assets into cash, often during the closure of a business, or to settle debts.

Unanimous Written Consent

A document that officially records the agreement of all parties or directors on a decision, without the need for a formal meeting.