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Please respond on excel only and 1 tab only otherwise the assignment will not be Graded John Lackey lives in Northern Ontario. He is an
Please respond on excel only and tab only otherwise the assignment will not be Graded
John Lackey lives in Northern Ontario. He is an employee of the Canadian Tire Corporation. In his employment income was $t Also he received interest income of $ and taxable non eligible dividend income of $This dividend also has a dividend tax credit of $
John also owns a sole proprietorship called Lackeys Small Repairs. The business was profitable until where he had a business loss of $ He tells you that in the addition of the business loss, he has obsolete inventory that he has accumulated over the year. The inventory cost of $ and Mr Lackey was wondering if he could get capital loss to apply to his capital gains for the current year.
In addition, Mr Lackey also has net rental income of $
Mr Lackey also has investments in share of Bell Canada and Enbridge Inc.In he purchased Bell shares @ $ each and Enbridge shares @ each. During the year he sold Bell Shares @ $ and Enbridge shares @ $ These transactions were on December On December MrLackey purchased share of Bell Stock @ $ and shares of Enbridge Stock @ $ MR Lackey is hoping that the capital loss will negate the capital gains.
Mr Lackey sold his Principal Residence in June for $ and his purchase price was $ back in He then moved to his camp which used to be rented out until June The cost of the camp and the UCC was $ and the FMV was $Mr Lackey never took CCA as he was going to retire at camp, he purchased in
Please calculate the division B Income, Capital Loss carry forward if any Show all of your calculation for the stock transactions for the inclusion or exclusion in the Division B Income. Also show the ACB of the Bell and Enbridge Stock.
Show all calculation with regards to the principal residence rule and the tax consequence of moving to the Camp. Please note any solution that is insert this amount or put nil, otherwise it will be marked that you did not respond lose a mark
Please do in excel sheet and compute in entries and show all the calculation.
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