TAXATION 1 SAMPLE FINAL EXAM 2017 TIME: 180 MINUTES QUESTION 1 (120 minutes): Mr. Wilson Kim is married and has a 19 year old son. Mr. Kim's wife had 2017 Net Income for Tax Purposes of $3,400. The son lives at home and during the summer of 2017, he earned employment income of $3,300. At the end of the summer, he began full time studies at a university. His tuition fees, which totalled $6,500 for 2017, were paid for by his father. The son's only other source of income was $2,200 of eligible dividends on a $40,000 portfolio of public company shares that were given to him by his father on 16th birthday The son has agreed to transfer any unused credits to MLKim. MrKim has asked you to assist him in preparing his 2017 tax return. To this end, he provides you with the following list of receipts and disbursements for the 201? taxation year: Receipts Director's Fees $1,300 Royalties On Patent Purchased in 2008 $29,400 TFSA withdrawal in January $10,000 Bond Interest $960