Frederic's Designs Ltd. purchased a $250,000 Lexus for Frederic Vanguard's personal use. The Lexus replaced the only
Question:
Frederic's Designs Ltd. purchased a $250,000 Lexus for Frederic Vanguard's personal use. The Lexus replaced the only other existing company car, a $150,000 BMW, which was purchased in 2017. The BMW, which was sold for $100,000, was used solely by Frederic Vanguard. The BMW was never amortized by Frederic's Designs Ltd. Frederic's Designs Ltd. reported the above transactions as follows:
The $145,000 Gain on Disposition of Tangible Assets consisted of the following:
Frederic's Designs Ltd. purchased shares in 2018 for a cost of $30,000; in 2019, Frederic's Designs Ltd. sold those shares for $150,000. The capital gain on these shares was $120,000, and Frederic Vanguard credited the capital gain to retained earnings.
computer item acquired on Aug,2019: software: $30,000 hardware:$60,000
How should I include the above info when calculating minimum net business income for tax purpose excluding CCA deduction. Ignore GST/PST/HST implications.
Should I include Membership in Yacht club when calculate home work space cost?
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson