Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a trust, or a connected person
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Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a trust, or a connected person
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- Access and examine section 17 of the Income Tax Act of Jamaica,then perform the following tasks:1. Distinguish between a fictitious transaction and an artificialtransaction2. Outline the anti-avoidance provisions as they relate to:•the transfer of property to a child, a trust, or a connected person•dealings in securityA note secured by a deed of trust provides for an automatic action of the laws known as a.a strict foreclosure. b.equitable rights. c.a power of sale. d.a statutory right.give an example of a situation where someone has loaned an item of personal property to someone, formally or informally.
- a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?Discuss powers, duties and privileges of an insolvent during sequestration.A covered member creates a blind trust and transfers assets into the blind trust. The covered member will not supervise or participate in the trust’s investment decisions during the term of the trust. if the covered member retains the right to amend or revoke the trust, Will the trust and the underlying assets be considered the covered member’s direct financial interests? Yes or No
- What court will be responsible to hear the case a lawsuit based on dispute of real estate an personal property? ExplainIn which of the following circumstances would the property be deemed to have been disposed of? a. Property sold to a third party. b. Property gifted to another person or charity. c. Property expropriated by a government agency. d. Property redeemed by the issuer, such as bonds or shares.