Which one of the following is not an accepted individual taxpayer method for declaring interest income? 

a. The receivable method 

b. The amortized cost method 

c. The cash method 

d. The anniversary day accrual method 

Which one of the following is not an allowable deduction from rental income? 

a. Insurance

b. Property taxes

c. Repairs & maintenance 

d. All of the above are allowable deductions 

Which one of the following is not a factor in establishing a taxpayer’s original intent? 

a. Nature of the asset 

b. Period of ownership 

c. Nature of the transaction 

d. Relation of the transaction to taxpayer’s business 

Which one of the following would not result in a deemed disposition for tax purposes? 

a. Change in use of an asset 

b. A taxpayer giving up Canadian residency 

c. The death of a taxpayer 

d. All of the above would result in a deemed disposition

Answer rating: 100% (QA)

ANSWER 1 c The cash method Under the cash method income is not counted until payment is actually received and expenses are not counted until they are actually paid The cash method is the more commonly ... View the full answer