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Question 7 (80 points) Please USE an Excel spreadsheet to answer this question and upload the...
Question 8 (30 points) Please USE an Excel spreadsheet to answer the questions and upload the...
Question 8 (30 points) Please USE an Excel spreadsheet to answer the questions and upload the file to the dropbox. Over a two year period ending on December 31, 2019, you had the following financial data: 2018 2019 Business Income (Loss) (10,000) Farming Income (Restricted Farming Losses) (2,000) Taxable ( Grossed up) Dividends 12,000 Other information: 1. You sold shares of Style Inc., a qualified small business corporation, for $354,000. The adjusted cost base of these shares was $50,000. Selling...
canadian taxation work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in...
canadian taxation
work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia, earned $160,000 of active business income. In addition, the Alberta branch had been inc PROBLEM TWO company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses $29,000 Non-capital losses...
Rob's Shameless Self-Promotion Sales (RSS-PS) Inc. is a Canadian-controlled private corporation located in London, Ontario. For...
Rob's Shameless Self-Promotion Sales (RSS-PS) Inc. is a Canadian-controlled private corporation located in London, Ontario. For its fiscal year ended December 31, 2014, the corporation had correctly calculated its income for tax purposes under Division B as follows: ITA: 123-127, 129, 186 From Canadian Source: Consulting Income...160,000 Advertising Agency Loss... (30,000) Rental Income from warehouse fully rented on a five year lease.... 20,000 Retailing Income ... 75,000 Interest on outstanding accounts receivable in retailing business ... 25,000 Recapture of CCA...
Question 5 (10 points) Assume: both companies are public corporations and their taxation year ends on...
Question 5 (10 points) Assume: both companies are public corporations and their taxation year ends on December 31. The information given below is for the year ending December 31, 2019. Scenario 1 Company ABC. Scenario 2 Company XYZ Revenue Cost of goods sold Gross Profit Operating expenses Operating income Other revenue: Gain on sale of investment Eligible Dividend income Income before income taxes 90,000 (45,000) 45,000 (20,000) 25,000 Operating revenue Operating expenses Eligible dividend income Charitable Donation (included in operating...
Bob is the only shareholder of UplnSmoke Inc., a Canadian controlled private company. For the taxation...
Bob is the only shareholder of UplnSmoke Inc., a Canadian controlled private company. For the taxation year ending December 31, 2018, the Company has Taxatie consideration of salary to Bob and/or the payment of dividends, of $135,000. All of this income qualities for the small business deduction Bob's only source of income is either dividends or salary from Whatsup Inc. For 2018, he has available tax credits of SA 200 (combined federal and provincial). Relevant information with respect to his...
Question 6 (6 points) SMU Co. is a private corporation with a December 31 year-end. In...
Question 6 (6 points) SMU Co. is a private corporation with a December 31 year-end. In 2019, SMU Co. has taxable income of $500,000. SMU Co. has permanent establishments in Alberta, Ontario, and Texas (USA). You learn the following information about revenues earned and salaries paid in 2019. Alberta Ontario Texas Total Revenue earned Salaries paid 200,000 600,000 400,000 200,000 1,000,000 400,000 Required: Compute the taxable income subject to provincial tax in Alberta and Ontario. Compute the federal tax abatement...
Taxation
As an employee of a public company, John Smith has an annual salary of $175,000.After years of purchasing losing tickets, John wins $600,000 in the lottery.As his employment income is more than adequate for his current needs, he plans to invest all of these winnings in preferred shares for the year ending December 31, 2019.These securities pay eligible dividends of 5 percent each year.The following information is applicable to the province in which John is a resident:_ The maximum tax...
income tax
Angie's Amazing Getups Incorporated is a Canadian controlled private corporation with a head office in London, Ontario. The company is a manufacturer of high end custom costumes and makeup used in movie and theatre productions with sales in Canada and the U.S.The company started in business in 2015 when the sole shareholder, Angela Q. Snodgrass, was photographed by the paparazzi after a particularly enthusiastic night of partying. When Angela saw herself on the front page of every tabloid newspaper the...
Make 3 multiple choice questions (MCQ) for the topic ''tax concept of integration''. There should be...
Make 3 multiple choice questions (MCQ) for the
topic
''tax concept of integration''.
There should be 3 incorrect answers and 1 correct answer for each
question.
We were unable to transcribe this imageExplain the tax concept of "integration" An important concept in Canadian tax law is the concept of tax integration Basically, concept of integration is the idea that the income tax rate of a specific stream of income once it reaches the hands of the individual it should be...
ABC Ltd. is a Canadian controlled private corporation. The company began operations in 2017 and uses...
ABC Ltd. is a Canadian controlled private corporation. The company began operations in 2017 and uses December 31 as a year end. The income (loss) before taxes, calculated using GAAP and the amounts included in the GAAP income figures, for the years 2017 through 2018 are as follows 2017 2018 $ Income (Loss) before taxes (GAAP) Charitable Donations(included in GAAP) Accounting gains (losses ) on Land in GAAP Dividends from Taxable canadian Corps (included in gaap) (2.000) $ 4,000 (3,000)...
Question 8 (30 points) Please USE an Excel spreadsheet to answer the questions and upload the file to the dropbox. Over a two year period ending on December 31, 2019, you had the following financial data: 2018 2019 Business Income (Loss) (10,000) Farming Income (Restricted Farming Losses) (2,000) Taxable ( Grossed up) Dividends 12,000 Other information: 1. You sold shares of Style Inc., a qualified small business corporation, for $354,000. The adjusted cost base of these shares was $50,000. Selling...
canadian taxation
work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia, earned $160,000 of active business income. In addition, the Alberta branch had been inc PROBLEM TWO company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses $29,000 Non-capital losses...
Question 5 (10 points) Assume: both companies are public corporations and their taxation year ends on December 31. The information given below is for the year ending December 31, 2019. Scenario 1 Company ABC. Scenario 2 Company XYZ Revenue Cost of goods sold Gross Profit Operating expenses Operating income Other revenue: Gain on sale of investment Eligible Dividend income Income before income taxes 90,000 (45,000) 45,000 (20,000) 25,000 Operating revenue Operating expenses Eligible dividend income Charitable Donation (included in operating...
Bob is the only shareholder of UplnSmoke Inc., a Canadian controlled private company. For the taxation year ending December 31, 2018, the Company has Taxatie consideration of salary to Bob and/or the payment of dividends, of $135,000. All of this income qualities for the small business deduction Bob's only source of income is either dividends or salary from Whatsup Inc. For 2018, he has available tax credits of SA 200 (combined federal and provincial). Relevant information with respect to his...
Question 6 (6 points) SMU Co. is a private corporation with a December 31 year-end. In 2019, SMU Co. has taxable income of $500,000. SMU Co. has permanent establishments in Alberta, Ontario, and Texas (USA). You learn the following information about revenues earned and salaries paid in 2019. Alberta Ontario Texas Total Revenue earned Salaries paid 200,000 600,000 400,000 200,000 1,000,000 400,000 Required: Compute the taxable income subject to provincial tax in Alberta and Ontario. Compute the federal tax abatement...
Make 3 multiple choice questions (MCQ) for the
topic
''tax concept of integration''.
There should be 3 incorrect answers and 1 correct answer for each
question.
We were unable to transcribe this imageExplain the tax concept of "integration" An important concept in Canadian tax law is the concept of tax integration Basically, concept of integration is the idea that the income tax rate of a specific stream of income once it reaches the hands of the individual it should be...
ABC Ltd. is a Canadian controlled private corporation. The company began operations in 2017 and uses December 31 as a year end. The income (loss) before taxes, calculated using GAAP and the amounts included in the GAAP income figures, for the years 2017 through 2018 are as follows 2017 2018 $ Income (Loss) before taxes (GAAP) Charitable Donations(included in GAAP) Accounting gains (losses ) on Land in GAAP Dividends from Taxable canadian Corps (included in gaap) (2.000) $ 4,000 (3,000)...
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