su09 midterm 1 marking key

su09 midterm 1 marking key - Question 1 Salary Commission...

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Question 1 Marks Salary 150000 0.5 Commission 20000 0.5 Health care premuims nil Exception in 6(1)(a) 1 for reason but do not have to cite actual section Group life 250 1 tennis club 4000 1 finanicial counselling 2000 1 5000 1 4000 1 Travel allowance not included is reasonable = actual costs nil 1 for reason Standby charge for car: 10,000/20,004 x 1 .02 x 38,000 x 12 4559 1 Operating benefit because insurance paid: Lesser of 1/2 standby = 2280 1 and .24 x 10,000 2400 2280 1 travel not deductible, allowance tax-free nil 1 for reason car: 3,900 x 3/4 1 no mark if did not prorate entertainment 1/2 x 4800 -2400 1 no mark if forgot 1/2 blackberry -1000 1 computer, cost not allowed s.8(1)(f) nil CCA not allowed under s.8(1)(j) 1 for either reason; section reference not required Armani suit, not deductible under s. 8 nil 1 for reason Stock option: 10,000 x (22-12) 100000 1 (since option "in the money" cannot defer) ACL on sale: 5,000 x (22-20) x 1/2 = 5,000 0 1 no mark if deducted but not deductible since no TCGs
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su09 midterm 1 marking key - Question 1 Salary Commission...

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