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Information relevant to owen's 2016 tax return follows. 1. During 2017, owen received eligible dividends from Canadian public companies in the amount of $32,400. 2.

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Information relevant to owen's 2016 tax return follows. 1. During 2017, owen received eligible dividends from Canadian public companies in the amount of $32,400. 2. For several years, Owen has owned 100 adjusted cost base of these shares is $$20,000. On July 1. 2016, these shares are sold for $600,000. Assume none of the gain is eligible for the lifetime capital gains deduction. Of the total proceeds, $500,000 is im mediately invested in another eligible small business corporation. During 2017, the new small business corporation paid non- eligible dividends of $22,000. percent of the shares of an eligible small business corporation. The 3. The residence occupied by Owen and Arlene was purchased in 2002 for $320,000. As their space needs have grown considerably, they have decided to replace this property. It is sold during February, 2017 for $375,000 Selling costs, including commissions, total $20.000. Their new residence, purchased at the beginning of 2017, cost $458,000 4. In January of this year, owen purchased a cottage to operate as a rental property. The purchase price was $235,000, of which $75,000 can be allocated to the land. Owen plans to never claim this property as a principal residence and will take CCA on it instead. In addition, owen spent $42,000 furnishing the cottage. All of the furnishings are Class 8 assets On March 1, 2017, it is rented for $3,000 per month for the remainder of the year. Expenses, other than CCA, total $22,000 for March 1 to December 31, 2017 5. For several years, Owen has been interested in French common stock Debit Agricole (DA). The stock trades in Euros () and Owen's first purchase of 1,000 shares was made on October 1, 2014 for 14.00 per share. He acquired the Euros at a rate of 1.0= $1.57, subsequent transactions were as follows: Date Qty Purchased Price per Share Exchange Rate Sold) 300 Cdns) $1.55 November 4, 2015 ianuary 6, 2016 400) June 24, 2017600 14.50 15.00 15.50 1.54 1.51 On December 2, 2017, he sells all of his shares for 13.00 per share. At thi immediately converted into Canadian Dollars 6. Owen sells his vintage power boat. He had purchased this boat several years ago in damaged condition fo $10,000. He subsequently spent $24,627 restoring it to mint condition. As a result, he was able to sell it for $50,000 during 2017, I time, 1.35. The Euros are 7 During 2017 he sold his stamp collection for $12,000. The total cost of the collected stamps was $8,000. He also sold an oil painting for $700. This paining, which he had always hated, had been a gift from Arlene's mother. At the time of the gift, the painting had fair market value of $4,000. Required: Using Excel determine Owen's minimum Net Income for Tax Purposes for 2017

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