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Taxx question.

Mr. Alles Amold is 58 yearn old Allen wods fir a large fritte company. Big Copponsion as an ascocintant. Allen is in the process of compilrtine his zobl peronal incerne las netirn Allen scedt your help sa caiculate his fedenil ton pejatle inafiodi for 2029. He has compiled the following iefocmative irextes so hiv manctions in 2008 Orher inlomano: cat, 030 Enoughout Alberta io perfonn accourtive thiks. Big Cerperation previder hirn with a 2020 Toyota Price asd paid for all of Det igenese reperies. He drave the vehisfe a total of 31,000km in the year vith s.000 beizg for ponioul wagr. The vehcefe was purataiod by ille cmployer for 547. 000. th war availuble for his sae flor the atien ytar. The operving exponies for the year tuched secsoo 1. As part of his emplogment dutin, Allen is roquirod ss trasel bo diffeent sompany branches throughout Albena to perfoem accounting tauks. Big Coeporation provides him with a 2020 Toyota Prius and paid for all of the operating ewprnses. fle drove the veticie a toal of 31,000km in the year with 8,000 being for penvenal usage. The vehicle was parchased by the employer for 547,000. It was available for bis use foe the entine year. The operating experses for the year totaled 58, 500, 2. The disakility plan was implemented in 2018 . Nlen puid 5200 in annual premtums in 2018 and $500 in 2019 . In the carrent year, as a result of an enfortarate accident be sustained an injury and was unable to work. He was off foe 6 wecks and cellected 58,000 from the insuraece company. 3. On lamary 1,2020, Rig Corporation implemented a sabck purchuse plan for all mployses giving them the epportanity to purchase up to 5,000 ecencen uhires at 510 per ahare. At that time the shares were valued at $5.00 per share. On Fehrary 14. 1000 Allen purchassod 5,000 shares when they were valued at $18 per share. He aold 20000 shares for 530 per share on Seplember 27, 2020. 4. Big Corporation has a pelicy of prying for etrain councling services for employete. Big Coeporation paid 5800 for Allen's counseling foes relaties to his deprensea from his divorce. 5. Big Corporation beld a conitest open so all their enployoes to come up with a new corporate slogan. Allen's entiry won and be recelved 5900 . 6. On-April 1,2020 Bug Corporaticn gave Allen a SIS0000 low interest loan to purehase a coids at up a bome office, he required moee spase. Hic paid lepal foes of 51,200 ce the purchase of this condo. His expenies for the year are as follons mort pact interest - 55000 property tax - 52,400 ; electncity and water - 51.215; natural fas + 5675 ; toilet ecpairs 5500. Allea lises 200 mpare feet of his cando where he principally performs kis empleytient duties. The coodo is 2,000 square foct in tocal 7. Allen got divoreed on lankary 01, 20go, He han tap daghters aged 18 and 7 who decided to live with him. The older daughter is a full time inciverity thadent. She aftended Royal Rocads: University fer eighs months and paid her own hicon foci of 55,500 . Hee father zave her an $800. moethly allowance to cover ber books and edter enpecocs. In 2020 , she eirned 56800 from het summer job. 8. Instead of selling their matrimonial home, he and his former ipouse decidoul to rent the place eut and split the eet rent (starting from April or, 2080). They had parchased this bouse for 5200600 in 2016. An appraisal was done and the fer murket valoe of the boose was determined to be 5300,000 . The appliances in the house were exinated to lave a fair market value of 55,000 . The house was tenied out for $2,400 per month from Afril to the end af the year. Expenses were progerty tax - 53,800, utilities 52,400 mainterance - 5800 . All the expenses were for the period April to Decenober. Allen and his ex would like to clain the maximum allowable CCC to minimize the tax payable. 12. Mr. Arnold is the sole proprictor of a Larice sadis, It has a year end of December 3I and it starte! business on June 1, 2020, He had the following receipts and dishirsementa related to the whoole 13. In 2020 , Alien paid 5350 a mooth for child care and 52,500 for bockey lessens it 2090 foe his 7 . yrar old daoghter. His former apouse paid bis 5+00 a moath in child mpport parnuan to a Written agreement upon their soparation on laray 61,2010 . In abdition Allen's former beouse also paid 5400 per month in spoutal surport. At year ced Allon rowerved 56.000 is total for child support and sposal support 14. On February 12, 2020 he reserved 2,00e ahares of BeX, a Canatan poble coiporation from his late mother's estate. His mocher purchased these ahares at a weighted average cost of 53.75a share. The fait make waloe of these shares as the date of transfer was 55.50 per sharv. Allen support and spousal support. 14. On February 12, 2020 he recerived 2.000 ateres of BRX, a Canadian public corponatico from his late mother's esade. His noither puintused these aharet at a weighted average eost of 53.75 a share. The fair market value of these ihares on the date of tranifer wai 55.50 per share. Allen purchuved another 100 shares on Marth 5, 2000 at 3485 a share. On April 1" the company paid oat a stock dividend of 100 , which reuthed in in increase in the paid up capital of 54.00 for each share issued. He sold 1,200 shanes on luly 15, 20b9 at 54.00 a share On August 10, 2030 he purchased 250 shares at a rrice of $4.25 a share. At the end of the year be itill owes theie chares 15. Allen's 2019 income tax yeturn indicites the following tax bulasces: a) 55,000 of anterest from the GKC soead in point tit were reparted. b) Alier's 2019 carnod incoent was 964000 and his perion adyustroent amount wis \$4,500. She did not have any armod coetriturion noom carry forward. c) A non-eapital los carry ferward of 518000 from 2012 was available. d) A net -copital less earry forward resultieg fiom 2014 in the amount of 520,000 , and 520.000 from 2019. c) Charitable donaticen of 51,200 from 2019 wer bot deffucted. 9). Capital gains reserve was 570,000 in 2019 (capital gains reierve in 2020 is 540,000). Required Calculate Allen's 2eze! 1. Net omployenest incoene 2. Net peoperty incume 3. Net brasiness income 4. Nat other inconse 5. Net Tarable capital gaint 6. Toal income, 7. Other dedactions 8. Net incoene for tax purposes 9. Twable income 10. Federal tax payable (refund) Mr. Alles Amold is 58 yearn old Allen wods fir a large fritte company. Big Copponsion as an ascocintant. Allen is in the process of compilrtine his zobl peronal incerne las netirn Allen scedt your help sa caiculate his fedenil ton pejatle inafiodi for 2029. He has compiled the following iefocmative irextes so hiv manctions in 2008 Orher inlomano: cat, 030 Enoughout Alberta io perfonn accourtive thiks. Big Cerperation previder hirn with a 2020 Toyota Price asd paid for all of Det igenese reperies. He drave the vehisfe a total of 31,000km in the year vith s.000 beizg for ponioul wagr. The vehcefe was purataiod by ille cmployer for 547. 000. th war availuble for his sae flor the atien ytar. The operving exponies for the year tuched secsoo 1. As part of his emplogment dutin, Allen is roquirod ss trasel bo diffeent sompany branches throughout Albena to perfoem accounting tauks. Big Coeporation provides him with a 2020 Toyota Prius and paid for all of the operating ewprnses. fle drove the veticie a toal of 31,000km in the year with 8,000 being for penvenal usage. The vehicle was parchased by the employer for 547,000. It was available for bis use foe the entine year. The operating experses for the year totaled 58, 500, 2. The disakility plan was implemented in 2018 . Nlen puid 5200 in annual premtums in 2018 and $500 in 2019 . In the carrent year, as a result of an enfortarate accident be sustained an injury and was unable to work. He was off foe 6 wecks and cellected 58,000 from the insuraece company. 3. On lamary 1,2020, Rig Corporation implemented a sabck purchuse plan for all mployses giving them the epportanity to purchase up to 5,000 ecencen uhires at 510 per ahare. At that time the shares were valued at $5.00 per share. On Fehrary 14. 1000 Allen purchassod 5,000 shares when they were valued at $18 per share. He aold 20000 shares for 530 per share on Seplember 27, 2020. 4. Big Corporation has a pelicy of prying for etrain councling services for employete. Big Coeporation paid 5800 for Allen's counseling foes relaties to his deprensea from his divorce. 5. Big Corporation beld a conitest open so all their enployoes to come up with a new corporate slogan. Allen's entiry won and be recelved 5900 . 6. On-April 1,2020 Bug Corporaticn gave Allen a SIS0000 low interest loan to purehase a coids at up a bome office, he required moee spase. Hic paid lepal foes of 51,200 ce the purchase of this condo. His expenies for the year are as follons mort pact interest - 55000 property tax - 52,400 ; electncity and water - 51.215; natural fas + 5675 ; toilet ecpairs 5500. Allea lises 200 mpare feet of his cando where he principally performs kis empleytient duties. The coodo is 2,000 square foct in tocal 7. Allen got divoreed on lankary 01, 20go, He han tap daghters aged 18 and 7 who decided to live with him. The older daughter is a full time inciverity thadent. She aftended Royal Rocads: University fer eighs months and paid her own hicon foci of 55,500 . Hee father zave her an $800. moethly allowance to cover ber books and edter enpecocs. In 2020 , she eirned 56800 from het summer job. 8. Instead of selling their matrimonial home, he and his former ipouse decidoul to rent the place eut and split the eet rent (starting from April or, 2080). They had parchased this bouse for 5200600 in 2016. An appraisal was done and the fer murket valoe of the boose was determined to be 5300,000 . The appliances in the house were exinated to lave a fair market value of 55,000 . The house was tenied out for $2,400 per month from Afril to the end af the year. Expenses were progerty tax - 53,800, utilities 52,400 mainterance - 5800 . All the expenses were for the period April to Decenober. Allen and his ex would like to clain the maximum allowable CCC to minimize the tax payable. 12. Mr. Arnold is the sole proprictor of a Larice sadis, It has a year end of December 3I and it starte! business on June 1, 2020, He had the following receipts and dishirsementa related to the whoole 13. In 2020 , Alien paid 5350 a mooth for child care and 52,500 for bockey lessens it 2090 foe his 7 . yrar old daoghter. His former apouse paid bis 5+00 a moath in child mpport parnuan to a Written agreement upon their soparation on laray 61,2010 . In abdition Allen's former beouse also paid 5400 per month in spoutal surport. At year ced Allon rowerved 56.000 is total for child support and sposal support 14. On February 12, 2020 he reserved 2,00e ahares of BeX, a Canatan poble coiporation from his late mother's estate. His mocher purchased these ahares at a weighted average cost of 53.75a share. The fait make waloe of these shares as the date of transfer was 55.50 per sharv. Allen support and spousal support. 14. On February 12, 2020 he recerived 2.000 ateres of BRX, a Canadian public corponatico from his late mother's esade. His noither puintused these aharet at a weighted average eost of 53.75 a share. The fair market value of these ihares on the date of tranifer wai 55.50 per share. Allen purchuved another 100 shares on Marth 5, 2000 at 3485 a share. On April 1" the company paid oat a stock dividend of 100 , which reuthed in in increase in the paid up capital of 54.00 for each share issued. He sold 1,200 shanes on luly 15, 20b9 at 54.00 a share On August 10, 2030 he purchased 250 shares at a rrice of $4.25 a share. At the end of the year be itill owes theie chares 15. Allen's 2019 income tax yeturn indicites the following tax bulasces: a) 55,000 of anterest from the GKC soead in point tit were reparted. b) Alier's 2019 carnod incoent was 964000 and his perion adyustroent amount wis \$4,500. She did not have any armod coetriturion noom carry forward. c) A non-eapital los carry ferward of 518000 from 2012 was available. d) A net -copital less earry forward resultieg fiom 2014 in the amount of 520,000 , and 520.000 from 2019. c) Charitable donaticen of 51,200 from 2019 wer bot deffucted. 9). Capital gains reserve was 570,000 in 2019 (capital gains reierve in 2020 is 540,000). Required Calculate Allen's 2eze! 1. Net omployenest incoene 2. Net peoperty incume 3. Net brasiness income 4. Nat other inconse 5. Net Tarable capital gaint 6. Toal income, 7. Other dedactions 8. Net incoene for tax purposes 9. Twable income 10. Federal tax payable (refund)