Chapter6 - Continuing Studies at Western The University of...

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Unformatted text preview: Continuing Studies at Western The University of Western Ontario Income from Property Chapter 6 James B. MacNeill Continuing Studies at Western The University of Western Ontario Income from Property Chapter 6 • Generally Passive Income • Includes Dividends, Interest, Rents and Royalties • Does not include Capital Gains and Capital Losses Continuing Studies at Western The University of Western Ontario Interest Income • Not a Defined Term • Return for Use of Capital that is a Debt • Generally an Annual Accrual for Corporations • For individuals, the Accrual is Based on the Anniversary Date of the Investment Contract Continuing Studies at Western The University of Western Ontario Discount Obligation • i.e., Treasury Bills • Discount Treated as Interest Continuing Studies at Western The University of Western Ontario Payments Based on Production or Use 12(1)(g) • Any Payment Received that is Dependent on the Use or Production from Property is Income Continuing Studies at Western The University of Western Ontario Dividends from Canadian Corporations 12(1)(j) • 82(1) Describes Gross-Up Mechanism • Derived from Concept of Integration • Provides some Relief from Double Taxation • 5/4 of Dividends Received is Included in Income Continuing Studies at Western The University of Western Ontario Dividend Example Dividend Received $1,000 Gross-Up $1,250...
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This note was uploaded on 09/30/2008 for the course ACCT 360 taught by Professor Jones during the Summer '08 term at Windsor.

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Chapter6 - Continuing Studies at Western The University of...

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