OtherIncomes&Deductions

OtherIncomes&Deductions - IN-CLASS PROBLEMSOTHER...

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Unformatted text preview: IN-CLASS PROBLEMSOTHER INCOMES AND DEDUCTIONSPROBLEM 1The following is a list of expenditures incurred by various taxpayers during the taxation year.REQUIRED:(i) Indicate whether each of the amounts listed below is a deduction in computing net employment income (A), an other deduction (B), a tax credit against federal income taxes (C), or neither a deduction nor a federal tax credit (D). Note the appropriate provision of the Act which would contain the details needed to substantiate the deduction or credit.(ii) What is noticeable about your groupings?(a) Alimony payment(b) Annual collective agreement dues(c) Bus tickets to travel to work (purchased daily)(d) Contribution to a provincial politician(e) Convention expenses paid by an employed insurance salesman (f) Cost of supplies required by contract of employment (g) Cost of textbooks (h) CPP contribution (i) Donation to the Canadian Red Cross (j) Expenses of moving 20 km (k) Expenses of railway company employee for meals and lodging (l) Foreign income taxes paid (m) Gift to a neighbour (n) Golf club membership fees (o) Legal and accounting fees incurred to object to an assessment issued by the CRA (p) Legal fees paid to recover employment income(q) Life insurance premiums (r) Losses incurred during monthly poker games with the boys (s) Professional association dues (t) Reimbursement of employment insurance benefits (u) Rent paid by a member of the clergy in charge of a diocese (v) RRSP contribution (w) Salary paid to an assistant required by contract of employment (x) Salary paid to a cleaning lady by an employed business executive (y) Support of an infirm aunt living in Regina (z) Tuition fees for a child at a private secondary school(i)(A) (B) (C) (D) ITA(a) X 60(b)(b) X 8(1)(i)(v) (c) X 8(2)(d) X 8(2); not included in 127(3) as a federal political contribution credit (e) X 8(1)(f)* (f) X 8(1)(i)(iii) (g) X118.6(2.1) (h) X 118.7 (i) X 118.1 (j) X 62 must be at least 40 km (k) X 8(1)(e) (l) X 126 (m)...
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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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OtherIncomes&Deductions - IN-CLASS PROBLEMSOTHER...

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