Ross commenced his career as a writer in the prior year. In that year, Ross derived taxable
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Question:
Ross commenced his career as a writer in the prior year. In that year, Ross derived taxable professional income of $30,000. During the current year, Ross derived taxable professional income $50,000 and other taxable income $5,000.
What is Ross’s notional income for the current year, that is, what is his:
Normal taxable income + (1/5 of above average special professional income)?
a. $23,000
b. $40,000
c. $15,000
d. $25,000
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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