CorporateProblems

CorporateProblems - IN-CLASS PROBLEMSCORPORATION...

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Unformatted text preview: IN-CLASS PROBLEMSCORPORATION TAXATIONPROBLEM 1The following information pertains to the December 31, 20X5 taxation year of one of your corporate clients, a CCPC in the retail industry.(a) Net income for tax purposes is $227,000.(b) Included in net income for tax purposes is:(i)Net taxable capital gains $12,000, and(ii)Dividends received from another taxable Canadian corporation $23,000.(c) During the year, the corporation made donations to registered charities of $61,500, and gifts to Her Majesty in Right of Canada of $40,000.(d)The following amounts were carried forward from the 20X4 T2:(i)Non-capital loss $13,000 (ii)Net capital loss $16,600 (iii)Charitable donations $4,000 (e)20X4 was the corporations initial taxation year.REQUIRED:(a) Compute the corporations 20X5 taxable income.(b) Calculate all amounts which can be carried forward to 20X6.(c) Redo (a) and (b) assuming that Division b income is $(45,000), and that net taxable capital gains and dividend income are as given.PROBLEM 2...
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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CorporateProblems - IN-CLASS PROBLEMSCORPORATION...

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