Mr. Cauzone decided to wind-up his Company on 12/3 After selling all assets and settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Cauzone owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC $2,000 CSOH $5,000 CDA $48,000 GRIP $24,000 Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable / refundable for 2022, based on above.
Mr. Cauzone decided to wind-up his Company on 12/3 After selling all assets and settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Cauzone owns all the shares of the Company with ACB of $7,000. He has come to you for advice and provided the following balances: PUC $2,000 CSOH $5,000 CDA $48,000 GRIP $24,000 Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable / refundable for 2022, based on above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Mr. Cauzone decided to wind-up his Company on 12/31/22. After selling all assets and
settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Cauzone owns
all the shares of the Company with ACB of $7,000. He has come to you for advice and
provided the following balances:
PUC
$2,000
CSOH
$5,000
CDA
$48,000
GRIP
$24,000
Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable /
refundable for 2022, based on above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3647098-4144-4feb-911d-a3d46a410200%2Ff3a5ad57-94db-449d-be40-5200e904422b%2Fjz8j1vd_processed.png&w=3840&q=75)
Transcribed Image Text:Mr. Cauzone decided to wind-up his Company on 12/31/22. After selling all assets and
settling all liabilities, there's $122,000 of Cash left in the Company. Mr. Cauzone owns
all the shares of the Company with ACB of $7,000. He has come to you for advice and
provided the following balances:
PUC
$2,000
CSOH
$5,000
CDA
$48,000
GRIP
$24,000
Assuming Mr. Cauzone has no other income, calculate his Federal taxes payable /
refundable for 2022, based on above.
![How would the answer to '4' above change if:
a) the ACB of shares for Mr. Cauzone was $1,000, rather than $7,000?
b) the CSOH balance was $nil, not $5,000?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3647098-4144-4feb-911d-a3d46a410200%2Ff3a5ad57-94db-449d-be40-5200e904422b%2Fktv0krt_processed.png&w=3840&q=75)
Transcribed Image Text:How would the answer to '4' above change if:
a) the ACB of shares for Mr. Cauzone was $1,000, rather than $7,000?
b) the CSOH balance was $nil, not $5,000?
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