Final%20Exam%28Apr%202008%29%20-%20question0

# The undepreciated capital cost balances at july 1

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6. The undepreciated capital cost balances at July 1, 2006 were as follows: a. Class 1 ........................................................................................... \$1,600,000 b. Class 3 ........................................................................................... 26,600 c. Class 8 (photocopier) ................................................................... 11,750 d. Class 10 .......................................................................................... 26,180 e. Class 13 ......................................................................................... 300,000 7. Other income includes the following amounts: 8. Other tax information for Sigma Products Limited are as follows: REQUIRED: A. Determine the minimum Net Income For Tax Purposes (e.g. Division B income) for Sigma for its taxation year-end June 30, 2007. You should compute the capital cost allowance (if applicable) and cumulative eligible capital deduction (if applicable) by using the attached Schedule 8 and Schedule 10, respectively. Assume that all expenses are reasonable. (10 marks) B. Determine the minimum Taxable Income for Sigma for its taxation year-end June 30, 2007. (2 marks) C. Based on your answer in Part A and B, compute the Federal Part I Tax Payable. Ignore provincial income tax. (5 marks) D. Compute Part IV tax payable (if any). (1 mark) E. Compute the balance in the Refundable Dividend Tax On Hand account (if any) on June 30, 2007. (1 mark) F. Compute the balance in the Capital Dividend Account (if any) on June 30, 2007. (1 mark) 9
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