Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

personal taxation questions F is employed by a public corporation. In year 1, F was granted a stock option to acquire 4,000 shares from the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
personal taxation questions
F is employed by a public corporation. In year 1, F was granted a stock option to acquire 4,000 shares from the treasury of her employer's corporation for $11 a share. At the time of receiving the option, the shares were valued at $13 per share. In year 4. F exercised the option and purchased 4,000 shares for $44.000. At the purchase date, the shares were valued at $12 per share. In year 5, F sold 4,000 shares for $17 per share. What amount is included in F's employment income for tax purposes in year 1? $ F is employed by a public corporation. In year 1, F was granted a stock option to acquire 1,000 shares from the treasury of her employer's corporation for $8 a share. At the time of receiving the option, the shares were valued at $10 per share. In year 3. F exercised her option and purchased 1,000 shares for $8,000. At the purchase date, the shares were valued at $15 per share. In year 6. F sold 1.000 shares for $20 per share. What amount is included in F's overall net income for tax purposes in year 6? G is employed by a Canadian-controlled private corporation. In year 1, G was granted a stock option to acquire 2,000 shares from the treasury of his employer's corporation for $9 a share. At the time of receiving the option, the shares were valued at $11 per share. In year 3, G exercised his option and purchased 2,000 shares for $18,000. At the purchase date in year 3. the shares were valued at $14 per share. In year 5. G sold 2,000 shares for $19 per share. What amount is included in G's employment income for tax purposes in year 3? $ G is employed by a Canadian-controlled private corporation. In year 1, G was granted a stock option to acquire 3.000 shares from the treasury of his employer's corporation for $10 a share. At the time of receiving the option, the shares were valued at $12 per share. In year 3. Gexercised his option and purchased 3,000 shares for $30,000. At the purchase date in year 3, the shares were valued at $13 per share. In year 5. G sold 3.000 shares for $18 per share. What amount is included in G's employment income for tax purposes in year 12 SC His employed by a public corporation. In year 1, H was granted a stock option to acquire 3,000 shares from the treasury of her employer's corporation for $10 a share. At the time of receiving the option, the shares were valued at $8 per share. In year 3. H exercised her option and purchased 3.000 shares for $30.000. At the purchase date in year 3, the shares were valued at $13 per share. In year 5. H sold 3.000 shares for S18 per share. What amount is included in H's overall taxable income in year 3? J was employed as a salesperson and received a salary of $80,000 and commissions of $3,000 in the current year. He incurred the following expenses to earn his income: Car expense $1,900: Out-of-town travel expenses (excluding car & meals) $2,100; Client meals 4.000, Advertising 2.000. What is the maximum amount that J can deduct in a arriving at employment income for tax purposes? $ K is required to use her own automobile for employment purposes. She incurred the following expenses in the current year: Gasoline $2,100. Insurance $1,200, Repairs $600. Parking for employment purposes $300, Interest on car loan $3,800 for 12 months, and Capital cost allowance $6,000. K drove the car 24000 km of which 14000 km were for employment purposes. What is the maximum amount that K is permitted to deduct from employment income in the current year? Note: Do not place a minus sign in front of the amount $ M is employed as a marketing analyst and required by his employment contract to maintain a home office. His office occupies 10% of the total space in his home. He works 4 days a week in his home office and travels the remaining 1 working days. He incurs the following expenses: New desk $1,200, telephone landline monthly basic rate (10% of total) $120: Internet (10% of total) $350: Utilities (10% of total) $350: House insurance (10% of total) $120: Mortgage interest (10% of total) $600: Property taxes (10% of total) $650: Maintenance (10% of total) $70. What is the maximum deduction from employment income for tax purposes available to Min the current year? $ G is employed by a Canadian-controlled private corporation. In year 1, G was granted a stock option to acquire 2,000 shares from the treasury of his employer's corporation for $9 a share. At the time of receiving the option, the shares were valued at $11 per share. In year 3, G exercised his option and purchased 2,000 shares for $18,000. At the purchase date in year 3, the shares were valued at $14 per share. In year 6. G sold 2,000 shares for $19 per share. What amount is included in G's overall taxable income in year 6? $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

More Books

Students also viewed these Accounting questions

Question

In what way is a celebrity or politician a brand?

Answered: 1 week ago

Question

How does a brands portfolio management impact on IMC strategy?

Answered: 1 week ago