Javier donates $800 of cash to a registered charity for the year. Disregarding any limitations and assuming that Javier is not subject to the 33% federal tax rato, how will this affect Javier's tax situation for the year? Choose the correct answer. (Round to the nearest dolar) O A Javier's taxes payable will be reduced 5600 OB. Javier's not income for tax purposes will be reduced 5600 OC. Javier's taxes payable will be reduced $90 D. Javier's taxes payable will be reduced $146 Brian is 72 years old and has net income for tax purposes of $54,500. Assume that the limitation of the age tax credit begins at $37,500 and that the base amount of the credit is $7.200. What is the age tax credit for Brian under these assumptions? Choose the correct answer. Round to the nearest dollar, A. $698 OB. $2,550 C. $0 OD $7.200 Diego Edson has the following assets: Land with ACB of $40,000 Building with a cost of $115,000, and UCC of $83,000. Diego sells both of land and building in a single transaction for $204,000. The estimated FMV of each was: Land : $136,000 Building: $68,000 How much capital gain and terminal loss will Diego realize on this transaction? . Choose the correct answer. O A. capital gain of $68,000, terminal loss of $15,000 B. capital gain of $68,000, terminal loss of $47,000 C. capital gain of $49,000, terminal loss of $0 OD. capital gain of $81,000, terminal loss of $0 Jane receives an option to purchase shares of Initech Company as a benefit of employment. The option specifies that Jane can purchases shares for $30 each. On January 1 of the current year, Jane exercises options to purchase 120 shares for $3,600. At the time, the shares are trading for $65 each on a puble exchange. Using only thin information, what are the tax consequences to Jane when he exercises the stock options? Choose the correct answer A Jim has an adjusted cost base of $30/share in the shares of Initech Company OB. Jim has a taxable capital gain of $18,000 O c. Jim has an adjusted cost base of $55/share in the shares of Initech Company O D. Jim has a taxable capital gain of $9.000
