Access Taxation Answers to Make It Less Taxing : Page - 2

Course Code   :  IAF 420

Course Title   :  tax law

Ref style  :  Open

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Question 1 The following assets are to be transferred under section 85 for consideration including common shares plus boot as indicated below:FMVACBUCCBoot receivedLand75,00060,000-70,000Equipment50,00065,00040,00045,000For each of the assets transferred, specify the elected amount and related tax consequences.Question 2–10 marks The following transactions pertain to independent Canadian-controlled private corporations and their  share...

Question 1: Deduction for Interest Expense on an Educational LoanTask: 1)This year. Jong paid $3000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $152,000. What is Jong’s deduction for interest expense on an educational loan?a)$2500 (b)$3000 (c)$1500(d)$1000(e)none of the choice are correct.2)Han is a self-employed carpenter and his wife. Christine. Works full time as grade school...

Calculating Business Income for Tax PurposesMr. Duncan has asked you to calculate the company’s income from a business for tax purposes for the year ended June 30.Question 2 Donna is married to Don and they have two children, Danielle, age 25, and Susan, age 15. Donna earns $250,000 annually while Don earns $100,000. Danielle works full time and earns $30,000 annually while Susan is still in high school and doesn’t have any income. D...

Section 1 - Multiple Choice Questions1.Which of the following is a taxable benefit? a.A cash Christmas gift to an employee from the employer valued at $450. b.Payment of the tuition for an employee completing a degree that will benefit the employer. c.A 20% discount on the employer’s merchandise, available to all employees. d.Subsidized meals offered to all employees of the company assuming the price is approximately equal to the c...