Lesson 6 Flashcards

1
Q

Real estate tax shelter

A

A real estate investment that results in a reduction of other taxable income

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2
Q

Tax Shelter

A

An investment that reduces or defers some or all of the income tax liability of an investor

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3
Q

Capital Cost Allowance

A

Depreciation of capital property for tax purposes

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4
Q

Real Property Inventory or Capital Property?

A

Intention, length of holding, frequency of transactions, leverage, related business of taxpayer, adventure in the nature of trade

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