A Canadian public company has Tax Payable of $62,000 in 2017, $95,000 in 2018, and $75,000 in 2019 The company would like to minimize its 2019 installments What would its installments be 2 marks A One monthly payment of $5,167 per month, followed by eleven monthly payments of $8,167 per month B Twelve payments of $5,167 per month C Twelve payments of $6,250 per month D Two monthly payments of $5,167 per month, followed by ten monthly payments of $8,467 per month A business acquires a rental property several years ago for $562,000, with $112,000 of this amount being the estimated value of the land At the beginning of the current year the UCC for the property is $374,561 During the current year, the property is sold for $843,000, with $262,000 of this amount being allocated to the land Which of the following statements is correct ( 2 marks) A The business will have recapture of $75,439 and a capital gain of $131,000 B The business will have recapture of $75,439 and a capital gain of $281,000 C The business will have recapture of $187,439 D The business will have a taxable capital gain of $281,000 Jan 1, 2018, Victoria purchased a used truck to be used in her incorporated business It cost $40,000, with maximum CCA being deducted in that year as a class 10 (30 CCA) vehicle The purchase was financed with a bank loan of $42,000 For 2019, the interest on this loan was $1,560 The automobile is used exclusively for business purposes, with the 2019 operating costs totaling $2,025 In determining her 2019 business income, her maximum automobile related deduction will be 2 marks a $21,585 b Need more information to calculate it C $10,185 D $13,035 Acton Enterprises was incorporated in Montana in 1964 Until 2015, all of the companys directors were residents of Bozeman, Montana, with all meetings held in that city However, in 2015, all of the directors moved to Calgary, Alberta, with all subsequent meetings held in that city Determine the residency status of Acton Enterprises for the taxation year ending December 31, 2019 A Acton is not resident of Canada it is not required to file tax return in Canada B Acton is resident of Canada it is required to report it is worldwide income in Canada C Cant decide, need more information about Acton D B and C both correct answers

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A Canadian public company has Tax Payable of $62,000 in 2017, $95,000 in 2018, and $75,000 in 2019. The company would like to minimize its 2019 installments. What would its installments be? 2 marks

A. One monthly payment of $5,167 per month, followed by eleven monthly payments of $8,167 per month.

B. Twelve payments of $5,167 per month.

C. Twelve payments of $6,250 per month.

D. Two monthly payments of $5,167 per month, followed by ten monthly payments of $8,467 per month

A business acquires a rental property several years ago for $562,000, with $112,000 of this amount being the estimated value of the land. At the beginning of the current year the UCC for the property is $374,561. During the current year, the property is sold for $843,000, with $262,000 of this amount being allocated to the land. Which of the following statements is correct? (2 marks)

A. The business will have recapture of $75,439 and a capital gain of $131,000.

B. The business will have recapture of $75,439 and a capital gain of $281,000.

C. The business will have recapture of $187,439.

D. The business will have a taxable capital gain of $281,000.

Jan 1, 2018, Victoria purchased a used truck to be used in her incorporated business. It cost $40,000, with maximum CCA being deducted in that year as a class 10 (30% CCA) vehicle. The purchase was financed with a bank loan of $42,000. For 2019, the interest on this loan was $1,560. The automobile is used exclusively for business purposes, with the 2019 operating costs totaling $2,025. In determining her 2019 business income, her maximum automobile related deduction will be: 2 marks

a. $21,585.

b. Need more information to calculate it

C. $10,185.

D. $13,035

Acton Enterprises was incorporated in Montana in 1964. Until 2015, all of the companys directors were residents of Bozeman, Montana, with all meetings held in that city. However, in 2015, all of the directors moved to Calgary, Alberta, with all subsequent meetings held in that city. Determine the residency status of Acton Enterprises for the taxation year ending December 31, 2019.

A. Acton is not resident of Canada; it is not required to file tax return in Canada

B. Acton is resident of Canada; it is required to report it is worldwide income in Canada

C. Cant decide, need more information about Acton

D. B and C both correct answers