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(Solution) - X Ltd is a Canadian controlled private corporation carrying on business

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X Ltd. is a Canadian-controlled private corporation carrying on business in Canada. The net fair market value of X Ltd. is estimated to be $80,000, calculated as follows:
Cash????????????????. $ 1,000
Marketable securities???????????? 16,000
Accounts receivable??????????? 11,000
Furniture and equipment?????????? 32,000
Goodwill????????????????. 40,000
????????????????. 100,000
Bank loan????????????????. (20,000)
????????????????. $ 80,000

The shares of X Ltd. have been owned by Alexander for the last two years and throughout that time, the relative values of the assets and liabilities have remained constant. Determine if X Ltd. is a qualified small business corporation. Income tax reference: ITA 110.6(1).


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This question was answered on: Jul 11, 2017

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