Please check all answers to confirm their correctness.

For the last question if Net Income before CCA is less than CCA, Net Income=CCA Claimed. If Net Income before CCA is equal to or greater than CCA, CCA=CCA Claimed.

Question 3: Joel Embiid owns a rental buildings, with the following information pertaining to the building rentals for the year 2020: Rental Revenue $ 300 000.00 Interest expense 501000.00 Property taxes 42, 000,00 Repairs and maintenance $ (5, 090.06 CCA XX 701020,00 Determine Joels rental net income for the year Gross Revenues $ 3001 020.00 Less Expenses : Interest Expense $ 50, 020. 20 Property Taxes 1 42 630, 00 Repairs and maintenance $79-200. 00 -$127,020,00 18 Net ! come before CAN $1231 100.00 CCA claimed - (70) 000,20 Net Income $ 53 008,00 Net Income before (LA is greater than CCA. Hence, deduct CCA . 23 200 5 70 100 - 12 2 000-70 010 Met some before LA is not less than CLA. Hence, do NO equate Net income in fore atA to the Inmed.Question 1: The Markce Company has a December 31 accounting and taxation year end and, for the yearending December 31, 2019, its GAAP determined income before taxes amounted to ( $1) 264, De) You have been asked to calculate the company's 2019 Net Income For Tax Purposes, and have been provided with the following additional information concerning the 2019 fiscal year: 1. Accounting amortization expense totalled ( $ 241, 000. For tax purposes, the company intends to deduct (CA of 1 281,100 , 2. During December, the Company spent $86, 0ng on landscaping costs. These costs were capitalized in the Lempany's allany records. As the expenditure was near the end of the year, no amortization was recorded . 3. Accounting expenses include 149, 900 in business meals and entertainment . 4 . The owner paid for a family trip to Cuba costing (5 500) through her business account. 5 . The owner paid $ 300 parking ticket, for parking illegally The following points are relevant to the Net Income calculation Item 1 - The accounting amortization has to be added bach and replaced with the LLA deduction. Item 2 - Despite the fact that landscaping costs are us capital costs, ITA 20 ( 1 ) ( aa ) specifically permits their deduction . Item 3 - Only 50 percent of business meals a can be deducted Item 4 - You cannot deduct personal exper Hem 5 - 1 TA 67. 6 , " Non - Deductibility states that no deduction can be made film imposed under a law of an countryQuestion 2 (C): Mr. breen receives taxable 2019 spousal support of $170, 000 and has no other source of income during 2019 , He is not a member of an RPP. I January, 2021, he contributes $ 12, soo to his RRSP. This full a mount is deducted in his 2020 tax return. His Unused RRSP Deduction Room carried forward train 2019 was $2, 200, Unused Deduction Room Carried Forward From 2019 | $2, 200 Lesser of: - 2020 RRSP Dollar Limit = $28, 230 - 18% of 2019 Earned Income of $ 260 500 -1946 10 $28, 230 2019 RRSP Deduction Limit $30,420. RRSP Deduction -$12, 500 Unused Deduction Room - End of 2020 $17,930Based on the preceding only thecutie of 201 Not lacene For Tax Purposes would Accounting Income Before taxes $1, 264, 000 Additions (identified by item numer) 7 - Accounting Amortization $ 241,000 3 - Mealsandentertainment took $ 24, 500 4. - Personal $5,500 5. - Penalties and Rides $ 300 $271 300 Deductions ( identified by Heal number) 4 - (LA $ 280 060- 2 - Landscaping costs 36/000 427,20 Vet income For Tax Purposes $1213) 300Question 3: Ben Simmons owns rental buildings, with the following information pertaining to the building rentals for the year 2620: Rental Revenue $ 200, 400.00 Interest Expense $ 40, 000.00 Property taxes $ 32, 000.00 Repairs and maintenance 6 75, 020sob A CCAX $ 60/ 900.30 Gross Revenues 200 080,00 Less Expenses : Interest Expense $ 40 000,20 Property Taxes Repairs and maintenance $75, 000.60 18 Net income before CLAN CLA claimed Net Income Net Income before LLA is less than beA device CCA claimed equivalent to Net home bed 53,000 5 60, 000 - 53,200- Net Income before LA is not are ater than a wowwatson LCA. Hence, do Not use Cef as Siualto IA Hamed,Question 2 ( A); MS. Simmons has 2019 net employmentincome of $90, 000, 2019 net rental income of $11, 200, and Ze 19 interest income of $6, 000. She is not a member of an R PP. She contributes $6, 000 to her RASP in October, 2020, $2,000 in November, 2020 and $900 in January, 2021, At the end of 2019 her unused RRSP Deduction Room was nil. Unused Deduction Room Carried Forward from 2019 $6 Lesser of : - 2020 RRSP Dollar Limit = $28, 230 - 18/0 of 2019 Earned Income of $51, 000 = $9, 180 4 4 180 2020 RRSP Deduction Limit 19, 180 RRSP Deduction ( $ 1, ona + $900 + $2,000) - $8, 900 unused Deduction Room - End of 2020 $280 Question 2 (B): MS. Ball has 2019 net employment income of $96, 100. Heremployer reports a Pension Adjustment of ($5,500 on her 2019 14. Her 2020 RASP contributions total( $ 4, 20.0) At the end of 2019, her Unused RRSP Deduction Room was $3, 500 , Unused Deduction Room Carried Forward from 2019) $3 500 Lesser of : - 2020 RRSP Dollar Limit = $28, 230 - 180 of 2019 Earned Income of $46, 090 - 18, 280 $8, 280 Less 2019 Pension thatment - $ 5, 500 2020 RRSP Deduction Limit $61 280 RRSP Deduction -$4,280 Jaused Deauction Room - End of 2010 $21080