Taxation

Question 17: William operates a business that generated $175,000 in income under GAAP. Included in this amount are: $4,000 for advertising on a US radio station directed at US customers $8,000 for meals and entertainment for business clients $89,000 for wages expense; and $2,000 for appraisal costs on land to be sold How much is William's income tax purposes? A. $177,000 B. $191,000 C. $175,000 D. $181,000 Question 18: Peter's Pizza operates a proprietorship that generated $200,000 in income under GAAP. Included in this amount are: $1,000 of amortization expense $2,800 Accounting gain on Sale of Kitchen Equipment; and $300 Interest and Penalties on late Nova Scotia Power Bill Accountant calculated recapture of $3,500 on the disposal of the Kitchen Equipment Accountant calculated Peter's maximum CCA at $1,000 for the year How much is Peter's business income for tax purpose? A. $202,000 B. $200,700 C. $207,600 D. $203,000 Question 17: William operates a business that generated $175,000 in income under GAAP. Included in this amount are: $4,000 for advertising on a US radio station directed at US customers $8,000 for meals and entertainment for business clients $89,000 for wages expense; and $2,000 for appraisal costs on land to be sold How much is William's income tax purposes? A. $177,000 B. $191,000 C. $175,000 D. $181,000 Question 18: Peter's Pizza operates a proprietorship that generated $200,000 in income under GAAP. Included in this amount are: $1,000 of amortization expense $2,800 Accounting gain on Sale of Kitchen Equipment; and $300 Interest and Penalties on late Nova Scotia Power Bill Accountant calculated recapture of $3,500 on the disposal of the Kitchen Equipment Accountant calculated Peter's maximum CCA at $1,000 for the year How much is Peter's business income for tax purpose? A. $202,000 B. $200,700 C. $207,600 D. $203,000