Question 1 (1 point)

The accounting net income of a company are not necessarily the same amount as the net income for tax purposes.

Question 1 options:

	True
	False

Question 2 (1 point)

The Allowable Business Investment Loss is __________ of the realized Business Investment Loss in a given year.

Question 2 options:

a)

One-half

b)	Same amount

c)

One-fifth

d)

One-third

Question 3 (1 point)

An allowable capital loss realized in a year can first be deducted in the current year against taxable capital gain. If any amount of the loss is still not deducted, what other options does the taxpayer have?

Question 3 options:

a)	Write-off from current year employment income

b)	Carry back or carry forward to all sources of income

c)	Forget about the remaining loss

d)	Carry back or carry forward to taxable capital gains

Question 4 (1 point)

Registered charities and non-profit organizations are taxed on their profit or income.

Question 4 options:

	True
	False