4. Tax avoidance is deliberately ignoring a specific provision in the Income Tax Act.True or False5. Ms. Burke had employment income of $52,100, a loss from herunincorporated business of $51,000 and interest income of $8,200. As theresult of dispositions of capital property, she had capital gains of $22,400 andcapital losses of $28.200. During the year she also paid childcare costs of$3,100 and paid spousal support to her ex-husband of $5,100. Based on theabove information answer the following three (3) questions()Ms. Burke's total income under ITA 3(a) is:A: $1,100B: $9,300C: $52,100D: $60,300(6) Mrs. Burke's income under ITA 3(b) and allowable capital loss carryover are:A: nil ($0) and $5,800B: negative $5,800 and $0C: nil (S0) and $2.900D: negative $2900 and $0(ii) Ms. Burke's Net Income for Tax Purposes is:A: A loss of $4,700B: $1,100C:A loss of $1,800D: S06. An individual was required to make instalments payments for 2020 if their net taxowing in 2020 is more than $3,000 and they had net tax owing in 2019 of $2,800and in 2018 of $1500.True or False7. John Smith ran a small unincorporated business. His income tax return andbalance owing for the 2020 taxation year must be filed and paid by April 30,2021.True or False

Tax avoidance is the term which is defined as the legal use of the tax regime within the single…

Answered: Tax avoidance is deliberately ignoring…

Business

Accounting

Tax avoidance is deliberately ignoring a specific provision in the Income Tax Ac True or False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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True or False The substance over form doctrine is applied to deny favorable tax consequences to a transaction that never actually occurred but is represented by the taxpayer to have transpired.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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