If Land Is Transferred in an ITA 85(1) Rollover and the Elected

question 37

True/False

If land is transferred in an ITA 85(1) rollover and the elected value is less than its adjusted cost base, a loss can always be recognized on the transfer.

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Definitions:

Natural Selection

The evolutionary process by which organisms better adapted to their environment tend to survive and produce more offspring.

Charles Darwin

A 19th-century naturalist best known for his contributions to the science of evolution and the theory of natural selection.

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Intelligence

The capacity for logic, understanding, self-awareness, learning, emotional knowledge, reasoning, planning, creativity, critical thinking, and problem-solving.