14- Employers can deduct unpaid remuneration for tax purposes

Multiple Choice

• if paid within 60 days of the taxation year.

• if paid within 180 days of the taxation year.

• if paid within 365 days of the taxation year.

• if paid within two years of the taxation year.

15- Certain skills are necessary for successful tax planning. One of these skills is applying the time value of money. Which of the following is FALSE regarding this skill?

Multiple Choice

• If Lou invests $1,000 for one year at a rate of return of 14% and is subject to a 45% tax rate, Lou's after-tax value of the interest will be $77.

• If Randy earns an annual return of 12% and is subject to a 40% tax rate, Randy's annual after-tax rate of return is 4.8%.

• Applying the time value of money is a tool used for wealth accumulation.

• If Cindy invests $1,000 at 8% and subsequently earns $48 in after-tax income on the investment at the end of the first year, Cindy's tax rate is 40%.

29- D Inc. is a Canadian corporation, incorporated in Ontario four years ago. Ds only business is located in Argentina. D is a resident in Canada throughout the current year. Is this statement true or false?