Refer to the previous example problem concerning Alpha Beta Partnership. Mrs. Alpha and Mrs. Beta share income
Question:
Refer to the previous example problem concerning Alpha Beta Partnership. Mrs. Alpha and Mrs. Beta share income equally.
REQUIRED
Compute Mrs. Alpha’s taxable income for 2016, assuming she has no other income.
Transcribed Image Text:
Gross revenue Less: Office salaries Rent Office supplies Alpha Beta Partnership INCOME STATEMENT For the year ended December 31, 2016. Amortization on office furniture Charitable donations Gain on sale of securities Dividends (actual) received from taxable Canadian public corporations Net income $29,000 42,000 8,950 3,375 3,000 $50,000 4,000 $350,000 86,325 $263,675 $4,000 $317,675
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Related Book For
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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