Lesson 6 Flashcards
1
Q
Real estate tax shelter
A
A real estate investment that results in a reduction of other taxable income
2
Q
Tax Shelter
A
An investment that reduces or defers some or all of the income tax liability of an investor
3
Q
Capital Cost Allowance
A
Depreciation of capital property for tax purposes
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
