May 2011 end of term review questions - Monday lecture

May 2011 end of term review questions - Monday lecture -...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
FMGT 4410 Final Exam Lecture Review Questions page1 FMGT 4410 - Review Questions Please try these questions prior to coming to lecture. Required: a) $2,000 b) $50,000 Taxable Capital Gains $20,000 Active Business Income (net of donations) $198,000 Charitable Donations $10,000 1992 Net-capital loss carryover available $40,000 4 How would the owner of 100 shares ( ACB = $1.22 per share) be affected by the transaction assuming the 2,000 shares had a PUC of: Which type of corporations pay Part I tax, and which pay Part IV tax? 1. In January of 2010, a CCPC sells its only non-depreciable capital asset for $1,000,000 when the corporate tax rate is 25%. The asset's ACB was $350,000 when it was acquired in 1953. It had a FMV of $550,000 on V-
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Day. How will this sale change each of the following accounts? Pre-72 CSOH CDA Taxable surplus RDTOH 2. On January 2, 2010 Outrage Canoes Inc. , a CCPC, redeemed, on a pro-rate basis, 1,000 of its 2,000 outstanding redeemable preference shares at a premium of 20% above paid-up capital . There are no other shares outstanding. 3. Given the following information calculate the minumum possible 2010 Part I tax payable for this CCPC (there is an associated corporation which will take 25% of the Annual Business Limit). Show all calculations....
View Full Document

This note was uploaded on 07/29/2011 for the course FMGT 1000 taught by Professor Jen during the Spring '11 term at British Columbia Institute of Technology.

Ask a homework question - tutors are online