Which of the Following Examples of Income Received by Adult

question 6

Multiple Choice

Which of the following examples of income received by adult family members from private corporations would not be excluded from tax on split income?

• A)A capital gain from the sale of qualified small business corporation shares
• B)Income received from a related business
• C)Income received by the 68-year-old business owner's spouse
• D)Income received by an uncle

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Definitions:

Setoff

is a legal mechanism allowing a debtor to reduce the amount they owe to a creditor by any sum the creditor owes to them.

Obligor

An individual or entity that is legally or contractually bound to provide something to another party, the obligee.

Assignor

The party who transfers rights or interests in a contract to another party, known as the assignee.

Assignment

The transfer of rights or property from one party to another, typically in a contract setting.