Question
PLEASE ANSWER ALL. NO EXPLANATION NEEDED. JUST ANSWERS FOR EXAMPLE ( QUESTION ONE= A, QUESTION 2= C) THANK YOU. Question 1 Ms. Wong owned two
PLEASE ANSWER ALL. NO EXPLANATION NEEDED. JUST ANSWERS FOR EXAMPLE ( QUESTION ONE= A, QUESTION 2= C) THANK YOU.
Question 1
Ms. Wong owned two homes from 2016 to 2018. She had purchased Home A in 2011 for $260,000. In 2016, she purchased Home B for $360,000, with the intention of selling Home A immediately. Due to market conditions, mortgage rates, and the asking price, she was unable to sell Home A until 2018. The proceeds received on the sale of Home A were $310,000. In 2019, she was transferred to a different city and sold Home B. She designated 2016 and 2017 to Home A when it was sold. The proceeds received on the sale of Home B were $400,000. What is her taxable capital gain on Home B?
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Question 2 (1 point)
Jillian bought a mountain chalet in 2013 for $250,000 and sold it in 2018 for $280,000. She bought a lakeside cabin in 2014 for $300,000 and sold it in 2018 for $330,000. She lived full-time at the chalet in 2013 and spent an equal amount of time at the chalet and the cabin during the 5 years from 2014 to 2018. How should she allocate her principal residence gain reduction for the year 2014 to minimize her 2018 taxable capital gains?
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Question 3 (1 point)
Which of the following statements regarding farming income is correct?
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Question 4 (1 point)
The widow received a death benefit totalling $25,000 from her spouses employer. She must include the $25,000 in income in the year of receipt.
Question 4 options:
a) True | |
b) False |
Question 5 (1 point)
When an individual die, there is a deemed disposition of all of his capital property at fair market value, without regard to his relationship to the beneficiary of his estate.
Question 5 options:
a) True | |
b) False |
Question 6 (1 point)
Frank owns land with an adjusted cost base of $325,000 and a fair market value of $425,000. He gifts the land to his son for no consideration i.e., for $0. Which of the following statements is correct?
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Question 7 (1 point)
A Canadian public company has Tax Payable of $75,000 in 2016, $102,000 in 2017, and $90,000 in 2018. The company would like to minimize its 2018 instalments. What would its instalments be?
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Question 8 (1 point)
Deck Making has a year end of September 30th. It is a small CCPC. For its 2018 taxation year, its income tax return is due on:
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Question 9 (1 point)
When a business makes payments that are unreasonable in the circumstances, they cannot be deducted in the calculation of either accounting Net Income or net business income.
Question 9 options:
a) True | |
b) False |
Question 10 (1 point)
Which of the following items is NOT deductible in calculating net business income for the current taxation year?
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