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YU 3541 Fall 2008, Quiz #1 Sept. 25,Revised, WITH Solution

YU 3541 Fall 2008, Quiz #1 Sept. 25,Revised, WITH Solution...

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Personal Financial Planning 3541B Quiz #1 – Sept. 25, 2008 Student     Student  Name_____________________________Number_____________________________ Mark -      /15 NOTES FOR STUDENTS:    1.You may only use a business calculator-No notes/books.  2.Please, no talking during the quiz.  Part A – Multiple Choice  1. In 2005 Sam purchased 100 shares of BCE Corporation (at $30 per share) in his son’s  name, who was 10 years old at that time. This month (September 2008), these shares  are worth $40 each and so Sam decided to sell the shares to lock in the gain. How much  of the gain from the sale of the shares does Sam have to add to his income on his  income tax return for 2008? a. $500 b. $1,000 c. $4,000 d. $400 e.  $0  2. Statutory income splitting refers to: a. The tax laws regarding attribution rules b. The tax laws regarding divorcing couples c. The splitting of Canada Pension Plan income, for tax purposes, between  spouses d.
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