Chapter4 - Income from Business Chapter 4 Continuing...

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Continuing Studies at Western The University of Western Ontario Income from Business Chapter 4
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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
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Continuing Studies at Western The University of Western Ontario Income Vs. Capital n Tree vs. Fruit Analogy Generally, Based on Intention
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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
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Continuing Studies at Western The University of Western Ontario Damages n Non-Performance of Business Contracts Cancellation of Agency Agreements Loss of Property
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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)
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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)
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Continuing Studies at Western The University of Western Ontario
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