Lecture notes - Module 7

Lecture notes - Module 7 - NITP division B Income (using...

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NITP - division B Income (using Section 3 format) Line # 23 Less: Division C Deductions i) Emp stock option benefit deductions a) public Co emp if Option price >= FMV(@grant) deduct 50% x benefit b) CCPC Emp deduct 50% x benefit if either i) option price>=FMV  or ii) he held it for 24 months ii) Home relocation loan benefit deduction lease of a) Taxable benefit from Home relocation loan b) Taxable benefit on $25000 using presc rate c) total interest benefit iii) WCB payment iv) Social assistance v) Net Federal Supplement vi) treaty exemptions vii) Lumpsum pymts viii) Deduction for northern residents ix) capital gain exemption a) QSBC shares b) Qfarm properties c) Qfishing properties x) Losses from other periods a) Non capital losses Emp loss Bus Loss Prop Loss Farming loss Restricted Farm loss b) ABIL c) Net capital losses
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deductible NCL NITP Less: Assume taxable Income of Mr. Smith  = 120000.
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Lecture notes - Module 7 - NITP division B Income (using...

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