4561 SU 08 Midterm 1 updated October 14 09 changes in red

4561 SU 08 Midterm 1 updated October 14 09 changes in red -...

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YORK UNIVERSITY MID-TERM EXAM – SUMMER 2008 AK/ADMS 4561 TAXATION OF PERSONAL INCOME IN CANADA Number of Questions: 4 Number of Pages: 10 (please ensure you have all pages before you start) Time allowed: 2 hours (70 marks) ________________________________________________________________ Instructions (Please read before you start the test) : 1. You may use a non-programmable calculator and the Mid-term Exam Information Sheet included in this exam. You may use your Income Tax Act. Highlighting, underlining, and the use of tabs with section numbers only are allowed. Nothing can be written in your Act or on the tabs (other than section numbers) and no other materials can be inserted in your Act. Use of unauthorized aids is considered to be a breach of the Senate Policy on Academic Honesty. Acts that contain unauthorized writing or materials will be confiscated in the exam and used as evidence. You cannot use a dictionary or any other aids. 2. Time allotments are provided for each question as a guide to ensure that you spend the appropriate amount of time on each question. 3. The exam must be prepared in ink and “whiteout” not used for the exam to be considered for remarking. If the exam is not prepared in ink or if whiteout is used, it will not be remarked 4. You only need to cite sections of the Act in Question 3. 5. Questions 1 and 2 are to be answered in your solution booklet. ONLY ONE SOLUTION BOOKLET IS ALLOWED. If you feel you require more information in a fact situation, outline the exact nature of the information CLEARLY and specify how it would affect your decision, but do not contradict facts or assume the abnormal. 6. Questions 3 and 4 are to be answered on this question paper. This question paper must be handed in inside the solution booklet. 7. Please raise your hand if you have any questions during the exam. 8. The prescribed rates applicable to interest free and low interest loans for the 2007 calendar years are as follows for the purposes of this test: 1st qtr. - 4%; 2nd qtr. - 4%; 3rd qtr. - 4%; 4th qtr. - 4% ____________ ___________ _________ LAST NAME FIRST NAME SECTION # Summer 2008 – ADMS 4561 Midterm #1 Page 1 of 11
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YOU MUST HAND IN THIS QUESTION PAPER Summer 2008 – ADMS 4561 Midterm #1 Page 2 of 11
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Question 1 (26 marks; suggested time 45 minutes): Marion Jones has been a salesperson employed by We Make It Inc. since early in 2004. The corporation is a public corporation based in Whitby, Ontario. Marion has requested your help in the preparation of her 2007 personal income tax return. She has provided you with the following information about her receipts and selected disbursements for 2007. Receipts and Fringe Benefits (a) Her salary was $100,000. In addition, she received commissions of $20,000 during 2007. In January 2008, she received $3,000 of commissions earned in December 2007. (b)
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4561 SU 08 Midterm 1 updated October 14 09 changes in red -...

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