text: **(D) Property Asset Acquisitions and Business Combinations**
  
  Where property is acquired, management considers the substance of the assets and activities of the acquired entity in determining 
  whether the acquisition represents the acquisition of a business. The basis of this judgmental assessment is set out in Note 3. 
  
  Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost 
  to acquire the corporate entity is allocated between the identifiable assets and liabilities of the entity based on their relative fair values at 
  the acquisition date and acquisition related transaction costs are capitalized to the property. Accordingly, no goodwill or additional deferred 
  tax balances. 
  
  All of Killam’s acquisitions have been determined to be asset acquisitions and therefore none are treated as a business combination. 