2. Timothy is a Canadian resident, but he wants to escape the high taxes of Canada and decides to move to Bermuda. Timothy has come to you for advice prior to leaving Canada for good. No elections were filed related to his departure from Canada. He will depart on January 1, 2021 with the following assets: Adjusted Fair Market Cost Base Value A Picasso Painting $ 33,000 $ 38,000 A rare book that was destroyed in a fire $10,000 $0 Shares in Suncor (A Canadian Public Company) 108,000 47,000 Shares in TD Bank (A Canadian Public Company) 18,000 72,000 Cottage Residence 100,000 200,000 Personal Residence 180,000 520,000 A Porsche sports car (Recreational Use Only) 172,000 92,000 What amount of the taxable capital gain or allowable capital loss will Timothy report on his Canadian income tax return for 2021 as a result of his departure from Canada? 3. On June 1, 2020 Apple Inc. declared a bonus of $100,000 payable to Sally. The bonus will be paid in February 2021. Apple Inc. has a taxation year that ends on September 30. What are the tax implications of the bonus and payment for both Sally and Apple Inc. 4. Brad owns shares that are publicly traded with an adjusted cost base of $30,000 and a fair market value of $56,000, and he owns shares in a CCPC that would be considered a Qualified Small Business Corporation over the last 3 years, these shares are worth $50,000 and have an adjusted cost basis of $10. On August 15, 2020, he dies in a car accident and leaves these shares to his son. What would be the tax consequences on Brad's death, if any, with respect to these securities? 5. Antiques is an unincorporated business which begins operations on June 1, 2020 and rents a store on that day. On Sept 1, 2020, Murray acquired Class 8 assets for $90,000. The business will have a taxation year which ends on December 31. No || other depreciable assets are acquired prior to December 31, 2020. Determine the maximum CCA for the year ending December 31, 2020.- 6. Tonka Trucks has a taxation year that ends on December 31, has a Class 8 (20 percent) UCC balance on January 1, 2020 of $400,000. During 2020, it acquires eligible Acell Class 8 assets at a total cost of $120,000. The Company also disposes of Class 8 assets for total proceeds of $70,000. In no case did the proceeds of disposition exceed the capital cost of the assets being disposed of. Determine the maximum Class 8 CCA that can be deducted for 2020, as well as the January 1, 2021 UCC balance