Image (3) - L B Short roblems 9 marks 1 Calculate the...

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Unformatted text preview: L B Short roblems 9 marks 1. Calculate the ZOQLcapital cost a improvements was made in 1998. in 2006 a portion of the 199 ' disposed of for $5,000, in 2007, $15,000 in 'leaSet-sold improvements was made. The (,0. lease term was 5 years with an additional 10 year renewai option commencing in g“ 1998. ' 3 assets if $50,000 in llowance'claim 8 leasehold was business losses over a 4 year period ted a proprietorship which incurred 0 (2004-2007). 2. Mr T opera (1 999-2003) and was profita‘bie for a 4 year perio 1999 (50,000) 3 2001- (2,000) 2002- (1,000) 2003- (5,000) V 2004- 0 2005- 1,000 2006— 3.000 2007- 6,000 ' 007 and you notice that none of the e incurred. Other You are preparing the T1 ta lied -in the respective years they war he was not taxable business tosses were app sources of income for Mr. T were minimai from 2000 to 2006 and In 2007 Mr. T earned $300,000 in T4 income. Also In 2004 Mr T How should Mr. T apply the available losses in 2007? ...
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