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Mary carries on business as a sole proprietor that generated $100,000 in net accounting income. Included in this amount are: $7,000 of amortization expense;
Mary carries on business as a sole proprietor that generated $100,000 in net accounting income. Included in this amount are: $7,000 of amortization expense; $4,000 for bad debt expense; $112,000 cost of goods sold; and $12,000 meals and entertainment with clients. Mary's maximum CCA has been calculated at $10,000 for the year. What is Mary's business income for income tax purposes? $112.000
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Canadian Income Taxation Planning And Decision Making
Authors: Joan Kitunen, William Buckwold
17th Edition 2014-2015 Version
1259094332, 978-1259094330
