ZuoTi.Pro
Question

Mark is a U.S. resident who lives in Minnesota and who owns a second home in...

Mark is a U.S. resident who lives in Minnesota and who owns a second home in Winnipeg. His only income consists of wages from his U.S. employer. The second home is used only by Mark and his​ family, and he does not rent it out for any portion of the year. Given these​ circumstances, Mark is subject to Canadian taxes​ ________. Choose the correct answer.

A. on any income he earns while staying at the second home

B. only if he becomes a permanent Canadian resident

C. each year he owns the second home

D. in the year he sells the second home for a profit

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

mark is subject to Canadian taxes in the year he sells the second home for a profit.

taxes on Canadian property for US residents only attracts when he earns income from property by way of rentals or on the sale of house. in the given case mark isn't having any rental income from the house situated in Canada so Canadian taxes attract only when he sells the house for profit

0 0
Add a comment
Know the answer?
Add Answer to:
Mark is a U.S. resident who lives in Minnesota and who owns a second home in...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 5. Jason is a California resident who lives and works as a computer consultant in Walnut...

    5. Jason is a California resident who lives and works as a computer consultant in Walnut Creek. He earned $75,000 while working for XYZ LTD in 2017. Jason additionally had a contract job from ABC Co. based in Washington. His contract earnings totaled $17,000 in 2017 and will total $15,000 in 2018. On what income amount will Jason be taxed in 2017? A. $75,000 B. $83,500 C. $90,000 D. $92,000 6. California law specifically provides that an individual whose permanent...

  • Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 400 donuts th...

    Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 400 donuts that sell for $1 apiece. Of the revenue from selling the donuts, Ryan is paid $200 per day. The remaining $200 revenue is distributed as follows: $50 pays for inputs such as water, flour, sugar, butter, and energy, $100 is rent for using the...

  • Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for...

    Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 600 donuts that sell for $ 1 apiece. Of the revenue from selling the donuts, Ryan is paid $ 390 per day. The remaining $ 210 revenue is distributed as follows: $ 52.5 pays for inputs such as water, flour, sugar, butter, and energy, $ 105...

  • Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for...

    Ryan is a Canadian resident who lives with his family in Victoria, Canada, but works for a small donut cafe in Seattle, U.S., where he commutes every day. On a typical day, Ryan produces 400 donuts that sell for $ 1 apiece. Of the revenue from selling the donuts, Ryan is paid $ 260 per day. The remaining $ 140 revenue is distributed as follows: $ 35 pays for inputs such as water, flour, sugar, butter, and energy, $ 70...

  • U.S. C corporation exports products to Turks and Caicos. To make the product, U.S. C corporation...

    U.S. C corporation exports products to Turks and Caicos. To make the product, U.S. C corporation has depreciable assets having a quarterly adjusted basis of $10 million and earns $5 million of tested income. What is U.S. Parent's foreign derived intangible income? Question 1 options: 1) $4 million. 2) $3 million. 3) $2 million. 4) $1 million. Don Dealer ("Dealer") is a citizen of the United Kingdom. He decides to come to the United States to open a car dealership...

  • PROBLEM TWO o what extent, if any, are the following individuals or corporations liable for tax...

    PROBLEM TWO o what extent, if any, are the following individuals or corporations liable for tax in Canada? 1. An individual who lives and works in Canada received an inheritance from an uncle in France. The inheritance consists of shares, bonds, and French real estate. During the year, the investments generated interest, dividends, and rents, which were retained in France and reinvested. 2. A large corporation based in Alabama operates a branch in Winnipeg that employs Canadian staff, holds a...

  • Brady owns a second home that he rents to others. During the year, he used the...

    Brady owns a second home that he rents to others. During the year, he used the second home for 50 days for personal use and for 100 days for rental use. Brady collected $20,100 of rental receipts during the year. Brady allocated $7,100 of interest expense and property taxes, $10,050 of other expenses, and $4,020 of depreciation expense to the rental use. What is Brady's net income from the property and what type and amount of expenses will he carry...

  • taxation questions Question 1 (3 marks) During 2019, Canadian resident Mark Forbes has calculated his Taxable...

    taxation questions Question 1 (3 marks) During 2019, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2019 federal Tax Payable before consideration of credits. Question 2 (3 marks) Canadian resident Zack Bronson has 2019 Taxable income of S102,485. Calculate his 2019 federal Tax Payable before consideration of credits. For the federal personal tax credit questions which follow, include in your response those credits which the individual would qualify and state as the gross amount...

  • Barry, who owns a chain of successful home and garden pest extermination supplies stores in the...

    Barry, who owns a chain of successful home and garden pest extermination supplies stores in the five boroughs of New York City called “Bug-Away Supplies,” agrees to sell all of his stores and the accompanying goodwill to Pete, who owns a competing store chain called “Pete’s Extermination Supplies,” for $3 million. Pete operates many stores throughout New York City and new Jersey. The written and signed contract ha the following provision: “Barry agrees not to own or operate any pest...

  • Assignment Problem One - 7 (Residency Of Individuals - 5 Cases) For each of the following...

    Assignment Problem One - 7 (Residency Of Individuals - 5 Cases) For each of the following individuals, determine their residency status for the year ending December 31, 2020. In addition, indicate what components of their income would be subject to Part I taxation in Canada, either as a resident or a non-resident. Provide the basis for your conclu- sions. Your answer should not take into consideration the influence of international tax treaties. Case A Gary Short is a Canadian citizen...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT