Chapter4 - 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 Business Chapter 4 Continuing Studies at Western The University of Western Ontario Income From Business n Definition Found in Section 248(1)  Generally, Includes Concept of Profit  Relies on GAAP  Distorted by CCA/Depreciation Continuing Studies at Western The University of Western Ontario Income Vs. Capital n Tree vs. Fruit Analogy  Generally, Based on Intention Continuing Studies at Western The University of Western Ontario Criterion from Court Case n Relation of the Transaction to the Taxpayer’s Business  Activity Normally Associated with Trade  Nature of the Asset Involved  Number and Frequency of Transactions  Length of the Period of Ownership  Supplemental Work Completed on Property  Circumstances Causing Disposition  Corporate Objects Continuing Studies at Western The University of Western Ontario Damages n Non-Performance of Business Contracts  Cancellation of Agency Agreements  Loss of Property Continuing Studies at Western The University of Western Ontario Inventory Valuation n Found in Regulation 1801 - Fair-Market Value (FMV)  Cost or Lower of Cost and Market  FIFO 10(1) Continuing Studies at Western The University of Western Ontario Inclusions n Amounts Received are Included in Income  Divergence form GAAP  20(1)(m.2) Reserve Available 12(1)(a) Continuing Studies at Western The University of Western Ontario...
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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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Chapter4 - Continuing Studies at Western The University of...

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