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Which individuals and corporations emily is related

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Bill and Ted Gonze are brothers. Bill is married to Frida, and Ted is married to Riley. Bill, Frida, and Ted each own one-third of the common shares of Rad Inc. Ted owns 50% and Riley owns 40% of the common shares of Cool Corp. Bill and Frida's daughter, Emily (age 22), owns 10% of the common shares of Cool Corp.

Question 1: Explain why it is important to determine if individuals and corporations are related for tax purposes.

Question 2: Identify which individuals and corporations Emily is related to and which she is not related to according to the Income Tax Act. Provide an explanation to support your response.

Reference no: EM132625299

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