ACC400 CANTAX T1-ASSIGNMENT #1 (Start Date: Week starting Monday, Nov. 13//23) DUE DATE: Per Schedule, please...

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ACC400 CANTAX T1-ASSIGNMENT #1 (Start Date: Week starting Monday, Nov. 13//23) DUE DATE: Per Schedule, please see email from instructor. LARRY AND LINDA SMITH ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2022 ON CANTAX (NOT THEIR CHILDREN'S) LARRY: SIN# (ANY).; BIRTH: DECEMBER 15, 1970. (Insert your name) LINDA: SIN # (ANY): BIRTH: JANUARY 12, 1976. (Insert your name) NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIRED!! THANKS) CHILDREN: MARY-BIRTH: MAY 11, 2019; NET INCOME: $0; DISABLED: HEARING LOSS; MIKE -BIRTH: OCTOBER 12, 2002; NET INCOME/Taxable Income: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $10,000 PAID BY PARENTS. Larry worked 500 Hours this year as a Volunteer Fire Fighter. (Volunteer Fire Fighter Credit) The parents also paid $50,000 in Adoption Fees to officially adopt Mary, this year. LARRY AND LINDA'S INVESTMENT INCOME-(Line 12000 and 12100) TD BANK INTEREST $1,000 (Larry) CANADA SAVING BONDS INTEREST $500 (Linda) SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $1,000 (Larry) RENTAL INCOME: (LINDA) (Line 12600) (20% of Building is used for personal use) COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, 2022): $200,000 (net of 20% personal use) FURNITURE CLASS 8: UCC (JAN 1, 2022): $10,000; PURCHASE: COST $20,000; DISPOSAL: ORIGINAL COST: $5,000; PROCEEDS: $20,000. Hint: Capital Gain, L12700 GROSS RENT - $90,000 MAINTENANCE EXPENSE - $40,000 (non capital, and deductible) MORTGAGE INTEREST -$2,000 PROPERTY TAX -$3,000 ACC400 CANTAX T1-ASSIGNMENT #1 (Start Date: Week starting Monday, Nov. 13//23) DUE DATE: Per Schedule, please see email from instructor. LARRY AND LINDA SMITH ARE MARRIED AND LIVE WITH ALL OF THEIR CHILDREN. THEY HAVE ASKED YOU TO PREPARE THEIR INCOME TAX RETURNS 2022 ON CANTAX (NOT THEIR CHILDREN'S) LARRY: SIN# (ANY).; BIRTH: DECEMBER 15, 1970. (Insert your name) LINDA: SIN # (ANY): BIRTH: JANUARY 12, 1976. (Insert your name) NOTE: (USE ANY ADDRESS AND ANY OTHER PERSONAL INFORMATION REQUIRED!! THANKS) CHILDREN: MARY-BIRTH: MAY 11, 2019; NET INCOME: $0; DISABLED: HEARING LOSS; MIKE -BIRTH: OCTOBER 12, 2002; NET INCOME/Taxable Income: $15,000; FULL-TIME (8 MONTHS) COLLEGE STUDENT: TUITION: $10,000 PAID BY PARENTS. Larry worked 500 Hours this year as a Volunteer Fire Fighter. (Volunteer Fire Fighter Credit) The parents also paid $50,000 in Adoption Fees to officially adopt Mary, this year. LARRY AND LINDA'S INVESTMENT INCOME-(Line 12000 and 12100) TD BANK INTEREST $1,000 (Larry) CANADA SAVING BONDS INTEREST $500 (Linda) SCOTIA BANK ELIGIBLE DIVIDEND RECEIVED IN CASH: $1,000 (Larry) RENTAL INCOME: (LINDA) (Line 12600) (20% of Building is used for personal use) COMMERCIAL BUILDING CLASS 1, UCC (JAN 1, 2022): $200,000 (net of 20% personal use) FURNITURE CLASS 8: UCC (JAN 1, 2022): $10,000; PURCHASE: COST $20,000; DISPOSAL: ORIGINAL COST: $5,000; PROCEEDS: $20,000. Hint: Capital Gain, L12700 GROSS RENT - $90,000 MAINTENANCE EXPENSE - $40,000 (non capital, and deductible) MORTGAGE INTEREST -$2,000 PROPERTY TAX -$3,000