On November 1st of the current year, X Ltd. purchased 80% of the shares of Y Ltd.
Question:
Determine the adjustments required to the tax values of the assets owned by Y Ltd. and the effect on Ys business income for its taxation year ended October 31. Income tax reference:
Transcribed Image Text:
Class 1 Class8 Class12 CEC Fair market value Cost UCC/CEC S400,000 S20,000 S 5,000 $4,000 25,000 10,000 3,500 300,000 30,000 275,000 27,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
Depreciable property and eligible capital property are deeme...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Question Posted:
Students also viewed these Business Law questions
-
Determine the Canadian residency status for the current year for each of the following taxpayers. Income tax reference: ITA 250(1), (4); IT-221R3. a) Paula was born and lived her life to date in...
-
Profit Ltd., a Canadian public corporation owns 85% of the shares of Loss Ltd. Profit Ltd. has a December 31 year end while Loss Ltd. has a July 31, year end. The fair market value and tax value of...
-
On March 20th of the current year, Stephen sold his common shares of Salt Ltd., an eligible small business corporation, for $800,000. His shares had an ACB of $100,000. On October 1st of the current...
-
A module can be considered a(n) object or unit that can be combined or bound together to form a application. a. Dependent, big and complex b. Dependent, small and easier c. Independent, big and...
-
Winning the jackpot in the Connecticut Classic Lotto requires that you choose six different numbers from 1 to 44, and your numbers must match the same six numbers that are later drawn. The order of...
-
The following data relate to Twilight Manufacturing Ltd: During July, 133,500 units were completed and transferred out. Work in process, 1 June: Direct...
-
Rainwater flows through the galvanized iron downspout shown in Fig. P8.106 at a rate of \(0.006 \mathrm{~m}^{3} / \mathrm{s}\). Determine the size of the downspout cross section if it is a rectangle...
-
At December 31, 2017, Arnold Corporation reported the following plant assets. During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,200,000. May 1 Sold...
-
contains only direct materials. Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw...
-
Consider an LSI medical imaging system with PSF given by h(x, y) = (1/ 2) e (x2+y2 )/2) (a) Calculate the MTF associated with this system. (b) Plot the MTF as a function of frequency. (c) If a...
-
Loser Ltd. has non-capital losses of $60,000 from business operations and net capital losses of $40,000 (both incurred two years ago). On October 1 of the current year, the shares of Loser Ltd. were...
-
On April 1st of the current year, Carl purchased 60% of the shares of P Ltd. from an unrelated person. Details of the inventory and other assets owned by P Ltd. at that time are summarized below....
-
The 20-kg motor has a center of gravity at G and is pinconnected at C to maintain a tension in the drive belt. Determine the smallest counterclockwise twist or torque M that must be supplied by the...
-
Violation of human rights of employees and child labor law violations in international business ? Discuss
-
identify some forms of new technology within a business. is it helpful? is every one on board with the new technology?
-
Is it true if a Government contract is severable, the entire contract need not be terminated for convenience?
-
Who and what helps keep corporate misbehavior in check when the law fails? Why did it take so long for NECC and Ameridose to get caught ?
-
Identify the policing principles and practices (models) of the NSW Police and summarize the differences between another police force in the world. Your answer should focus on the development of their...
-
Sketch the region bounded by the given lines and curves. Then express the regions area as an iterated double integral and evaluate the integral. The parabolas x = y 2 - 1 and x = 2y 2 - 2
-
From a medical tourist perspective, compare Shouldice with the traditional hospital in terms of the key factors of competition. Using Table 15-3, why would Shouldice attract patients from outside the...
-
On September 18, 2016, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows: No gift tax was paid on the...
-
On September 18, 2016, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows: No gift tax was paid on the...
-
Dan bought a hotel for $2,600,000 in January 2012. In May 2016, he died and left the hotel to Ed. While Dan owned the hotel, he deducted $289,000 of cost recovery. The fair market value in May 2016...
-
Determine a value of m (if possible) for which f is continuous at x = 1. mx-3 if x <1 f(x)= 3x if x1
-
Z Find zw and z=8-8i w= 3+i Write each answer in polar form and in exponential form. The product zw in polar form is and in exponential form is (Simplify your answer. Type an exact answer, using it...
-
Consider the following equation. -2d+16=2(d+8) - 4d Solve the equation. d The solution set is 0. The solution set is {d | d is a real number}. Classify the equation as either an identity, consistent...
Study smarter with the SolutionInn App