Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vladimir Marsh has been employed by the Ace Distributing Company for the past three years. During the following amounts were credited to Ms. Marsh's payroll

image text in transcribed

Vladimir Marsh has been employed by the Ace Distributing Company for the past three years. During the following amounts were credited to Ms. Marsh's payroll account, for the year 2021: - Salary of $60,500 as per her employment contract. - Reimbursement of employment related travel costs as per invoices supplied by Ms. Marsh totalling $4,250. - Fees of $1,200 for serving as the employee's representative on the Company's board of directors. - Reimbursement of $1,100 in tuition fees for a work related course. - A \$1,560 dividend on Ace Distributing Company shares acquired through the employee purchase program. - Fees of $1,200 for serving as the employee's representative on the Company's board of directors. Mr. Marsh also purchased shares from the company ABC Inc. All purchases were made in the year 2021. November 1st Purchase of 3000 shares for 8,75$ November 10 th Purchase of 2500 shares for 8,90$ November 15 th Purchase of 1250 shares at 9,25$ November 20th Purchase of 1750 shares at 9,50$ December 12th, Sale of 2000 shares at 10,75 . 1) Please calculate the adjusted cost base on November 20th, considering that every transactio carried a cost of 10$. 2) What would be the capital gain if 2000 shares are sold on February 20 th, 2022, for 12$ eac 3) What is the total taxable income of Mr Marsh in 2021, considering all earnings of the yea

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Auditing As A Tool For Quality Care Case Studies

Authors: Camila Freire

1st Edition

6206344169, 978-6206344162

More Books

Students also viewed these Accounting questions