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Solution - Final Exam Review 1

Solution - Final Exam Review 1 - Question 1 1 2 3 4 5 6 7 8...

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Question: 1 1 c 2 d Q. 2 3 b 7239 x 15% Section 3(a) 4 c 5 b Section 3(d) 6 c 7 a 8 b Less: Div C Dedu 9 b 10 a Taxable Income ( Q.4 Even though ther there wil be Part a) 1/3 x div inc fro b) Div Refund of Section 3(a) Section 3(b) Q-8 Question: 2 Net Income for Tax Purposes Less: Division C deductions Charitable donations Dividend Income from TCC Non-capital losses Net Capital Losses Taxable Income a) Part I tax Payable + Basic federal tax - 38% x 218250 - Abatement - 90%x 10% x 218250
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- SBD - 17% x lesser of a) Cdn ABI 183450 b) TI 218250 Less: 10/3 x FNBTC 0 Less: 3x FBTC -3x2880 -8640 209610 c) BL 110000 17%x 110000 + ART - 6 2/3% x lesser of a) AII (11250-5250) 6000 b) TI 218250 Less: SBD eligible Inc -110000 108250 6 2/3% x 6000 - M&P - 10% x lesser of a) M&P Profit 146700 Less: SBD eligible Inc -110000 36700 b) TI 218250 Less: SBD eligible Income -110000 Less: 3 x FBTC -8640 Less: AII -6000 93610 10% x 36700 - GRR - 10% x balance TI 218250 Less: SBD Eligible Inc -110000 Less: AII -6000 Less: M&P -36700 65550 x 10% - FBTC Part I Tax Payable Part IV Tax Payable Dividend Refund - lesser of a) 1/3 x dividend paid out 1/3 x 46000 b) RDTOH ending Balance Opening balance 0 Dividend refund previous yr 0
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