The following financial information is provided for the 2021 taxation year for Angela Fowler: Interest income Net loss from retail store for the year ended December 31, 2021 Gain on sale of public corporation shares Loss on sale of shares of a CCPC qualified as a small business corporation Dividends from foreign corporations, net of $200 withholding tax Loss on sale of land that was originally purchased to build a rental property. The project was cancelled after a rezoning application was lost. Gain on sale of an oil painting Director's fees for attendance at corporate meetings Loss on sale of personal jewellery $ 26,000 (13,000) 14,000 (16,000) 1,800 (32,000) 10,000 12,000 11,000 193 CPP enhanced contributions In 2021, Angela gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally cost $14,000, had a value of $16,000 at the time of the gift. Also in 2021, Angela had a rental loss of $7,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $82,000 (land - $15,000, building - $67,000).The class 1 building had an unamortized capital cost of $50,000 at the end of the previous year. On the last day of 2021, Angela sold the property for $112,000 (land - $18,000, building - $94,000). In the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in Canada. In 2021, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $30,000. Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act. Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act. Segment A Income Segment B Capital Gains and Losses Listed Personal Property capital gains and losses Other deductions Segment D Losses $ $ 0
The following financial information is provided for the 2021 taxation year for Angela Fowler: Interest income Net loss from retail store for the year ended December 31, 2021 Gain on sale of public corporation shares Loss on sale of shares of a CCPC qualified as a small business corporation Dividends from foreign corporations, net of $200 withholding tax Loss on sale of land that was originally purchased to build a rental property. The project was cancelled after a rezoning application was lost. Gain on sale of an oil painting Director's fees for attendance at corporate meetings Loss on sale of personal jewellery $ 26,000 (13,000) 14,000 (16,000) 1,800 (32,000) 10,000 12,000 11,000 193 CPP enhanced contributions In 2021, Angela gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally cost $14,000, had a value of $16,000 at the time of the gift. Also in 2021, Angela had a rental loss of $7,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $82,000 (land - $15,000, building - $67,000).The class 1 building had an unamortized capital cost of $50,000 at the end of the previous year. On the last day of 2021, Angela sold the property for $112,000 (land - $18,000, building - $94,000). In the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in Canada. In 2021, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $30,000. Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act. Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act. Segment A Income Segment B Capital Gains and Losses Listed Personal Property capital gains and losses Other deductions Segment D Losses $ $ 0
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Transcribed Image Text:The following financial information is provided for the 2021 taxation year for Angela Fowler:
Interest income
Net loss from retail store for the year ended December 31, 2021
Gain on sale of public corporation shares
Loss on sale of shares of a CCPC qualified as a small business corporation
Dividends from foreign corporations, net of $200 withholding tax
Loss on sale of land that was originally purchased to build a rental property.
The project was cancelled after a rezoning application was lost.
Gain on sale of an oil painting
Director's fees for attendance at corporate meetings
Loss on sale of personal jewellery
$ 26,000
(13,000)
14,000
(16,000)
1,800
(32,000)
10,000
12,000
11,000
193
CPP enhanced contributions
In 2021, Angela gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally
cost $14,000, had a value of $16,000 at the time of the gift.
Also in 2021, Angela had a rental loss of $7,000 (before amortization/depreciation and capital cost allowance). The property was
originally purchased for $82,000 (land - $15,000, building - $67,000).The class 1 building had an unamortized capital cost of $50,000
at the end of the previous year. On the last day of 2021, Angela sold the property for $112,000 (land - $18,000, building - $94,000).
In the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in Canada. In 2021, she
divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $30,000.
Required:
1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of
the Income Tax Act.
Required:
1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of
the Income Tax Act.
Segment A Income
Segment B Capital Gains and Losses
Listed Personal Property capital gains and losses
Other deductions
Segment D Losses
$
$
0
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