AIT805 Ch 10 Assignment Problems

AIT805 Ch 10 Assignment Problems - Chapter 10 Solution 1...

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Chapter 10 Solution 1 (Basic) (a) Property income (b) Business income (c) Employment income (d) Employment income (e) Business income (f) Property income (g) Employment income (h) Business income (i) Business income (j) Other income (k) Property income (l) Employment income Solution 7 (Advanced) (A) 2006 2007 2008 Par. 3( a ): Income from non-capital sources (≥0): Employment income. ....................................................... $ 75,000 $ 80,000 $ 90,000 Property income. .............................................................. Nil 3,000 Nil Total par. 3( a ) income. ..................................................... $ 75,000 $ 83,000 $ 90,000 Par. 3( b ): Net taxable capital gains (≥0): Taxable capital gains. ....................................................... $ 72,000 Nil $ 80,000 Allowable capital losses. .................................................. (9,000) (11,250) (40,000) Total par. 3( b ) income. ..................................................... $ 63,000 Nil $ 40,000 Par. 3( c ): Par. 3( a ) + par. 3( b ).......................................................... $ 138,000 $ 83,000 $ 130,000 Par. 3( d ): Losses from non-capital sources and ABIL: Property loss. .................................................................... (4,000) Nil (6,000) ABIL. ............................................................................... (18,000) (27,000) Nil Division B income. .............................................................................. $ 116,000 $ 56,000 $ 124,000 (B) Deduct: Net capital losses from 2004 (see Schedule 1, Part (I) below). ............................................................................. (21,000) Nil Nil Net capital losses from 2007 (see Schedule 1, Part (I) below). ............................................................................. (11,250) Nil Nil Taxable income. ................................................................................... $ 83,750 $ 56,000 $ 124,000 Schedule 1 (I) Net capital losses — Pars. 111(1)( b ) and 111(8)( a ) 2006 2007 2008 Ref. Lesser of: (i) Net TCGs for the year. ....... $ 63,000 Nil $ 40,000 Par. 3( b ) (ii) Total net CLs. .................... $ 32,250 Nil Nil (II) Lesser amount. ........................ $ 32,250 Nil Nil (II) Loss continuity schedule 2004 2007 Total Ref. Net CL. ................................................................................ $ 21,000 $ 11,250 $ 32,250 Utilized in 2006. ................................................................... (21,000) (11,250) (32,250) (I) Available in 2008. ................................................................ Nil Nil Nil 1
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Solution 8 (Advanced) 2007 2008 Par. 3( a ) Income from non-capital sources (non-negative amounts only): Employment income. ............................................................... $ 30,000 $ 38,000 Other business income. ............................................................ Nil Nil Property income. ...................................................................... 10,000
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This note was uploaded on 06/03/2009 for the course BUSINESS AIT 805 taught by Professor Shirenekhan during the Winter '09 term at Seneca.

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AIT805 Ch 10 Assignment Problems - Chapter 10 Solution 1...

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