Taxation Slide Show
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Last updated 12:23 AM on 10/28/25
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4 Terms
1
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Conditions For Lifetime Capital Gains Exemptions (LCGE)
Must be held personally
Can be of any age including minors
Own Shares for at least 2 yrs
90% of entity’s assets are active
Asset Use Test
2
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Asset Use Test
More than 50% of assets have been used in business in past 2 years
3
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Qualified Farm Property Under LCGE
Livestock
Cash Crop
Tree Farming
Fishery
Dairy Quota
4
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Conditions for LCGE & Farming
Primary income must be from farming
Doesn’t have to be farmed by buyer
Can apply to shares of a farm or personal ownership
Note 
Flashcards (32)