If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. andthen takes the $1 million and buys U.S. government bonds with the money how wouldthis be recorded in the US Balance of payments according to IMF standards?OA debit in the Financial Account (other) for the inheritance and a credit in the Financial Account(portfolio) for the bondsA credit in the Capital Account (other) for the inheritance and a debit in the Financial Account(portfolio) for the bondsOA debit in the Capital Account (other) for the inheritance and a credit in the Financial Account(portfolio) for the bondsOA credit in the Financial Account (other) for the inheritance and a debit in the Financial Account(portfolio) for the bondsNone of the above

The objective of the question is to understand how the transactions of inheritance and purchase of…

Answered: If a Canadian resident receives an…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 21P

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