Cooper has the following income and expenses for the year: Income Salary $50,000 Interest income $ 350 Canadian Eligible Dividend income $ 500 Capital Gains $ 1,700 Expenses RRSP contribution $ 2,500 Childcare expenses $ 5,000 What is Cooper’s Total income for tax purposes? Use a dividend gross-up of 38% A. $50,050 B. $45,050 C. $44,875 D. $44,390

Cooper has the following income and expenses for the year: Income Salary $50,000 Interest income $ 350 Canadian Eligible Dividend income $ 500 Capital Gains $ 1,700 Expenses RRSP contribution $ 2,500 Childcare expenses $ 5,000 What is Cooper’s Total income for tax purposes? Use a dividend gross-up of 38% A. $50,050 B. $45,050 C. $44,875 D. $44,390

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 50P

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