mc_q_26_32 - MULTIPLE CHOICE QUESTIONS Q26. Mr. Hanes owns...

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MULTIPLE CHOICE QUESTIONS Q26. Mr. Hanes owns 100% of the common shares of Jimbo Corp. and 40% of the common shares of Hughes Corp. Hughes Corp. owns 80% of the common shares of ARC Ltd. Mr. Hanes daughter-in-law also owns 5% of the common shares of Hughes Corp. and 15% of the common shares of ARC Ltd. The remaining shares are held by parties who deal at arm's length with Mr. Hanes and his daughter-in- law. The following companies are associated under S.256 of the Income Tax Act : (a) Jimbo Corp. and Hughes Corp. (b) Jimbo Corp. and ARC Ltd. (c) Jimbo Corp., Hughes Corp. and ARC Ltd. (d) Hughes Corp. and ARC Ltd. Q27. Which of the following is NOT an example of a Canadian-controlled private corporation? (a) A Canadian corporation in which 55% of the common shares are owned by Canadian residents and the remaining 45% of the common shares by non-residents. The shares are all privately held. (b) A wholly owned Canadian subsidiary of a Canadian public company. (c)
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This note was uploaded on 02/05/2011 for the course ACTG 4720 taught by Professor Gaildrory during the Winter '11 term at York University.

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mc_q_26_32 - MULTIPLE CHOICE QUESTIONS Q26. Mr. Hanes owns...

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