CreditsDemo - 1 PERSONAL CREDITS DEMONSTRATION PROBLEM Mr....

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1 PERSONAL CREDITS DEMONSTRATION PROBLEM Mr. and Mrs. Large-Extended-Family live in a spacious home in Calgary. Mrs. LEF did not earn any income in 20X5, which is the current tax year. Mr. LEF is 55 years old; his wife is 52. Living in the home with the LEFs are: 1. Their own children and grandson: (a) An infirm daughter, Mary, who is 22 years old, single, and unemployed. She had no 20X5 income. Mr. LEF gave his daughter $100 per week for personal expenses. (b) Mary’s 3-year-old son. Mr. and Mrs. LEF fully support their grandson. (c) Son, age 18 – attends university full-time, no income in the year. His total tuition for the two semesters (8 months) in 20X5 was $5,900. (d) Daughter, age 14 – no income. (e) Son, age 10 – permanently required to remain in bed and/or under constant personal care due to a childhood accident. He had no income in the year. 2. Mr. LEF’s infirm mother, aged 76, lived with the LEFs for 6 months in 20X5. She moved in with Mr. LEF’s brother for the other 6 months.
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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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CreditsDemo - 1 PERSONAL CREDITS DEMONSTRATION PROBLEM Mr....

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