mc_s_11_13 - attribute) Q13. (a) $2,600 lesser of: (i)...

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MULTIPLE CHOICE QUESTIONS SOLUTIONS Q11. (c) $5,000 in 2009 under ssec. 15(2) since the purpose of the loan did not qualify for exclusion and was not repaid by December 31, 2010. Jake's $2,000 loan would be included in Jake's income for the same reasons. Q12. (b) $240 (income on attributed income (“second generation income”) does not
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Unformatted text preview: attribute) Q13. (a) $2,600 lesser of: (i) Property 1 2 3 Total Revenue $79,000 $28,800 $12,000 $119,800 Expenses 76,000 29,400 11,800 117,200 Net before CCA $ 3,000 $ (600 ) $ 200 $ 2,600 and (ii) at CCA rate of 4% $49,000 $25,000 $ 6,000 $ 80,000...
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This note was uploaded on 02/05/2011 for the course ACTG 4720 taught by Professor Gaildrory during the Winter '11 term at York University.

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