Question 11 (1 point) 1) Listen Which of the following statements is NOT correct? Interest paid on a mortgage on a principal residence can be deductible. Interest paid on funds borrowed to make interest-free loans to employees is not deductible. When property income is earned, the income attribution rules may apply. Income from rental properties can be either business income or property income. Question 12 (1 point) 1) Listen When determining property income for a rental property owned by an individual, which of the following should never be considered in the calculations? Terminal loss. Recapture. O Accll provisions. Short fiscal period rule. Question 13 (1 point) Listen Which of the following statements with respect to dividends is NOT correct? All taxable dividends paid by Canadian controlled private corporations are non- eligible dividends. Dividend tax credits are based on a fraction/percentage of the gross up on dividends received. Capital dividends can be received by individuals without income tax consequences. Stock dividends are subject to the same gross up and tax credit procedures as regular cash dividends. Question 14 (1 point) 1) Listen Which of the following statements is correct? Federal Income Tax Payable = Federal income tax on grossed-up dividends minus the dividend tax credit. Property Income = Dividends received minus the gross-up minus the dividend tax credit. Federal Income Tax Payable = The gross up on dividends received minus the dividend tax credit. = Property Income = Dividends received plus the gross-up minus the dividend tax credit. Question 15 (1 point) Listen Rosa owns a duplex and rents both units to tenants. Which one of the following expenditures is not a current deduction for income tax purposes? Cost of repairing the front stairs. Cost of a new refrigerator Interest paid on the mortgage on the duplex. Cost of painting the interior of unit #2