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prob004 - Problem 4(Text Ch 2 You have been approached by...

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Problem 4 (Text: Ch. 2) You have been approached by Malcolm Mining Engineer for some tax advice concerning his pending transfer of an indefinite duration to Brazil. Malcolm, age 50, was born in Canada and has resided in Canada all of his life. He has been employed, for the last five years, as Vice-President in charge of Canadian property development for Resource Exploitation Limited, a Canadian public company, located in Toronto. His salary for last year was $85,000 plus a $15,000 performance bonus. The company is transferring Malcolm to Brazil on or about January 15th of next year. Malcolm’s new assignment is to purchase potential mining properties, particularly gold but also other metals, primarily in Brazil. However, the purchase of the property in other countries in South America, depending upon their political stability, has also been included in his mandate. He anticipates a salary increase of approximately $10,000, an appropriate bonus arrangement yet to be negotiated, a living allowance of $2,500 per month and a travel allowance of $3,000 per month. Although this particular assignment
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