acc742 lecture1

acc742 lecture1 - ACC 742 Introduction to Federal Income...

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ACC 742 Introduction to Federal Income Taxation - Part I
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Why study tax? Tax has important ramifications on decisions made by an individual or a business Decisions such as what to invest in, how to raise capital, business acquisitions, structure of the business, wage and salary demands, etc.
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Only for accountants? No, all managers should have an understanding of tax in order to make decisions Need to be able to talk intelligently with specialists Do own tax returns or Become the tax specialist
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Entities Subject to Tax in Canada Only three subject to tax directly Individuals Corporations Trusts Others such as partnerships, joint ventures, sole proprietorship or limited partnerships are not taxed directly; their income allocated to participating owners
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Primary Types of Income Employment Property Capital Gains Business Other
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Documents in ITA Income Tax Act Income Tax Application Rules (ITAR) Canada-U.S. Income Tax Convention Canada-U.K. Income Tax Convention Income Tax Regulations
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Income Tax Act Parts Part I - main focus of course Some Divisions in Part I Division A - Liability for tax; Division B - longest division in Part I - Computation of Income
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Each part answers following questions: Who is liable for the tax provided by this part? What is the tax levied on?
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This note was uploaded on 12/14/2010 for the course ACC 742 taught by Professor Sydor during the Fall '10 term at Ryerson.

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acc742 lecture1 - ACC 742 Introduction to Federal Income...

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