4561 Summer 2010 midterm 1

4561 Summer 2010 midterm 1 - YORK UNIVERSITY MID-TERM EXAM...

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YORK UNIVERSITY MID-TERM EXAM – SUMMER 2010 AP/ADMS 4561 TAXATION OF PERSONAL INCOME IN CANADA Number of Questions: 4 Number of Pages: 9 (please ensure you have all pages before you start) Time allowed: 2 hours (70 marks) ______________________________________________________________ Instructions (Please read before you start the test) : 1. You may use a non-programmable calculator and the Mid-term Exam Information Sheet included with this exam. You may use your Income Tax Act. Highlighting, underlining, and the use of tabs with section numbers only are allowed. Nothing can be written in your Act or on the tabs (other than section numbers) and no other materials can be inserted in your Act. Use of unauthorized aids is considered to be a breach of the Senate Policy on Academic Honesty. Acts that contain unauthorized writing or materials will be confiscated in the exam and used as evidence. You cannot use a dictionary or any other aids. 2. Time allotments are provided for each question as a guide to ensure that you spend the appropriate amount of time on each question. 3. The exam must be prepared in ink and “whiteout” not used for the exam to be considered for remarking. If the exam is not prepared in ink or if whiteout is used, it will not be remarked. 4. You only need to cite sections of the Act in Question 3. 5. Questions 1 and 2 are to be answered in your solution booklet. ONLY ONE SOLUTION BOOKLET IS ALLOWED. If you feel you require more information in a fact situation, outline the exact nature of the information CLEARLY and specify how it would affect your decision, but do not contradict facts or assume the abnormal. Ignore the effect of leap years in your answers. 6. Questions 3 and 4 are to be answered on this question paper. This question paper must be handed in inside the solution booklet. 7. Please raise your hand if you have any questions during the exam. 8. The prescribed rates applicable to interest free and low interest loans for the 2009 calendar year are as follows for the purposes of this test: 1st qtr. - 4%; 2nd qtr. - 4%; 3rd qtr. - 3 %; 4th qtr. - 3% _______________ _______________ _________ LAST NAME FIRST NAME SECTION # Summer 2010 – ADMS 4561 Midterm #1 Page 1 of 9
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YOU MUST HAND IN THIS QUESTION PAPER Question 1 (23 marks; suggested time 39 minutes) Neeta Jones has asked for your help with computing her federal income taxes payable for 2009. She has provided you with the following information concerning her property and investments and related matters for 2009. She is single and has no other sources of income. 1. Neeta owns two rental buildings that she bought a few years ago. Her cost of building 1 was $220,000 and the UCC at the beginning of 2009 was $195,000. Her cost of building 2 was $190,000 and the UCC at the beginning of 2009 was $185,000. (Both buildings are in Class 1 for CCA purposes.) Her income and expenses in respect of the buildings were as follows in 2009: Building 1 Building 2 Gross rent $9,000 $14,000 Expenses:
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This note was uploaded on 03/24/2012 for the course ADMS 4561 taught by Professor Josephfrankovic during the Summer '10 term at York University.

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4561 Summer 2010 midterm 1 - YORK UNIVERSITY MID-TERM EXAM...

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