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Exams are available online immediately after purchase. Each exam consists of 160 multiple choice questions. The exam will automatically submit after 4.5 hours or when you click submit.
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Mark wishes to transfer property to Dingbat Ltd. in exchange for common shares of the corporation. The directors of Dingbat Ltd. determine that $200 is the value of the consideration and issue $200 worth of common shares to Mark. Later, it is determined that property received by Dingbat Ltd. is only worth $150. Pursuant to section 84(1) of the Income Tax Act, what will happen to the excess amount added to the stated capital account for the common shares?
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Each exam contains 160 multiple choice questions, updated annually to match current exam expectations.
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