The 2020 gross up for non-eligible dividends is 17% of the dividend received and the dividend tax credit is equal to 21/29 of the grossed up amount.

True False

Interest on loans borrowed to buy personal property is deductible.

True False

The federal dividend tax credit for eligible dividends can be expressed as 6/11 of the gross up, 20.73 percent of dividends received, or 15.02 percent of grossed up dividends.

True False

Non eligible dividends have a 15% gross up in 2020.

True False

The federal dividend tax credit for eligible dividends can be expressed as 6/11 of the gross up, 20.73 percent of dividends received, or 15.02 percent of grossed up dividends.

True False

-With respect to the calculation of net rentalincome, which of the following isincorrect?

Question 10 options:

Expenses related to repair and maintenance of the rental property are deductible from gross rents earned from the property.

Net rental income is recorded on an accrual basis.

Interest on debt used to purchase the rental property is deductible from the gross rents earned from the property.

Expenses that increase the useful life of the rental propertyand/or improve the condition of the rental property(i.e. an enduringbenefit) are deductible from gross rents earned from the property.