Roger Blaine is 48 years old and his wife, Martha, is 43. Roger has employment income...

   

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Roger Blaine is 48 years old and his wife, Martha, is 43. Roger has employment income of $65,000. Martha, Net Income for Tax Purposes of $5,050. They have a son, Albert, who is 19 years old and lives at home. He attends university on a full time basis during eight months of 2023. Roger pays $5,400 for Albert's tuition for two semesters during the 2023 calendar year and $525 for required textbooks. Albert had employment income of $3,000 that he earned during the summer. He agrees to transfer the maximum allowed amount of his tuition credit to his father. Required: Calculate Roger Blaine's minimum federal Tax Payable for 2023. Use the blank lines for any calculations you need to do, such as political contributions tax credit, medical expenses, tuition transfers, etc. Part A At the beginning of 2023, Denton Ltd. has two depreciable properties in Class 8. The capital cost of each property is $46,000 and the 8 UCC balance was $41,200. On June 30, 2023, one of the properties was sold for $43,500. There are no other additions or dispositions in the class prior to the company's December 31, 2022 taxation year end. What is the effect of the June 30, 2023 disposition on the company's business income for 2023? In addition, determine the Class 8 UCC balance as of January 1, 2024. Part B At the beginning of 2023, Denton Ltd. has two depreciable properties in Class 8. The capital cost of each property is $46,000 and the Class 8 UCC balance was $41,200. On June 30, 2023, both properties are sold for a total of $31,000. There are no other additions or dispositions prior to the company's taxation year ending December 31, 2023. What is the effect of the June 30, 2023 disposition on the company's business income for 2023? In addition, determine the Class 8 UCC balance as of January 1, 2024. Acti Federal Tax before Credits Tax on first Tax on next Federal Tax before Credits Tax Credit Credit Base Rate Federal Tax Payable at 15% at 20.5% Base Amount x 15% = Roger Blaine is 48 years old and his wife, Martha, is 43. Roger has employment income of $65,000. Martha, Net Income for Tax Purposes of $5,050. They have a son, Albert, who is 19 years old and lives at home. He attends university on a full time basis during eight months of 2023. Roger pays $5,400 for Albert's tuition for two semesters during the 2023 calendar year and $525 for required textbooks. Albert had employment income of $3,000 that he earned during the summer. He agrees to transfer the maximum allowed amount of his tuition credit to his father. Required: Calculate Roger Blaine's minimum federal Tax Payable for 2023. Use the blank lines for any calculations you need to do, such as political contributions tax credit, medical expenses, tuition transfers, etc. Part A At the beginning of 2023, Denton Ltd. has two depreciable properties in Class 8. The capital cost of each property is $46,000 and the 8 UCC balance was $41,200. On June 30, 2023, one of the properties was sold for $43,500. There are no other additions or dispositions in the class prior to the company's December 31, 2022 taxation year end. What is the effect of the June 30, 2023 disposition on the company's business income for 2023? In addition, determine the Class 8 UCC balance as of January 1, 2024. Part B At the beginning of 2023, Denton Ltd. has two depreciable properties in Class 8. The capital cost of each property is $46,000 and the Class 8 UCC balance was $41,200. On June 30, 2023, both properties are sold for a total of $31,000. There are no other additions or dispositions prior to the company's taxation year ending December 31, 2023. What is the effect of the June 30, 2023 disposition on the company's business income for 2023? In addition, determine the Class 8 UCC balance as of January 1, 2024. Acti Federal Tax before Credits Tax on first Tax on next Federal Tax before Credits Tax Credit Credit Base Rate Federal Tax Payable at 15% at 20.5% Base Amount x 15% =

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To calculate Roger Blaines minimum federal tax payable for 2023 we need to consider various income s... View the full answer