QUESTION 10

1. Mr. Basil disposed of the following personal capital items during 2021.

   $ Proceeds $ Cost

   Jewelry 2,000 900

   Antiques 3,800 2,400

   Bicycle 800 1,300

   Coins 1,600 1,400

   Mr. Basil has a listed personal property loss carried forward from 2018 of $200.

   Mr. Basil has a capital gain for the year of : (4 marks)

   	A.	$2,000
   	B.	$2,100
   	C.	$2,200
   	D.	$2,400

4 points

QUESTION 11

1. Mr. Basil was divorced in January of 2021. According to the legal agreement, Mr. Basil is required to pay $900 spousal support and $500 child support per month beginning April, 2021. Mr. Basil can deduct support payments for the year 2021 in the amount of: (3 marks)

   	A.	$ 4,500
   	B.	$ 8,100
   	C.	$ 10,800
   	D.	$ 12,600

3 points

QUESTION 12

1. Mr. Basil is a single parent and has four children ages 5, 7, 9 and 17. The statutory deduction limit available to Mr. Basil for child care expenses incurred in the year is: (3 marks)

   	A.	$ 18,000
   	B.	$ 21,000
   	C.	$ 23,000
   	D.	$ 26,000

3 points

QUESTION 13

1. Mr. Basil is a single parent and has four children ages 5, 7, 9 and 17. Mr. Basil incurs the following child care expenses for the 2021 year.

   Cost of daycare services $ 8,000 Cost of nanny babysitting services $ 1,500 Cost of 4 weeks camp for 9 year old child $ 2,800 Cost of sibling care paid to17 year old child $ 500

   The amount eligible for deduction to Mr. Basil for child care expenses incurred in 2021 is: (4 marks)

   	A.	$ 10,000
   	B.	$10,500
   	C.	$12,300
   	D.	$12,800