ACCT-4151-A1/A2-Winter 2025 x 5 Case Assignment for Advanced X + X G File C:/Users/Lilli/Downloads/Case%20Assignment%20for%20Advanced%20Taxation%20-%20ACCT%204151%20Winter%202025%20(1).pdf M Gmail YouTube Maps Start learning with P. @ Manage Orders Adobe Acrobat 5 Adobe Acrobat All Bookmarks Case Assignment for Advanced Taxation - ACCT 4151 Winter 2025 (1).pdf 1 / 3 59% + ... Case Assignment ACCT 4151 Advanced Taxation Winter 2025 Daveco. Inc. is a Canadian controlled private corporation. It is associated with two other CCPCs and has agreed that its share of the annual business limit for 2024 will be $130,000. Daveco's fiscal year end is December 31. The following is the company's condensed Income Statement for the year ended December 31, 2024: Operating revenues $567,000 Operating expenses (375,000) Operating income $192,000 Other income: Interest on overdue accounts receivable 1,100 Non-eligible dividends from 60% associate (NOTE) 20,500 Eligible dividends from Canadian public corps 13,000 Canadian source interest on investments 3,250 Loss on sale of Class 10 assets 12,000 Gain on sale of land 33,000 Gain on sale of Class 8 asset 11,000 69,850 Accounting income before taxes $261,850 NOTE: The associated company received a total dividend refund of $9,000 as a result of paying the non-eligible dividend. Information about operating income is as follows: Depreciation & CCA: operating expenses included $74,000 of depreciation expense. The following are the UCC balances for each class of assets at January 1, 2024 Class 1 Building (non-residential office building) $570,000 Class 8 Other assets 145,600 Class 10 Vehicles 200,000 During 2024, there were $54,500 of additions to Class 8. The additions qualify for the accelerated investment incentive. Also, Class 8 assets with a cost of $28,000 were sold for $26,000. The net book value of these assets was $15,000. Type here to search P 10:33 AM O NVDA +1.25% A D GENG 2025-02-28 @ ACCT-4151-A1/A2-Winter 2025 x @ Case Assignment for Advanced X tf = G @ File C:/Users/Lilli/Downloads/Case%20Assignment%20for%20Advanced%20Taxation%20-%20ACCT%204 151% 20Winter%202025%20(1).pdf Qa & i : Bo M1 Gmail @ YouTube BF Maps Start learning with P... B Manage Orders @ Adobe Acrobat @) Adobe Acrobat ( All Bookmarks During the year, the company changed its policy of owning its fleet of delivery vehicles and decided instead to lease the vehicles. The existing fleet of Class 10 vehicles as sold for $123,700. The capital cost of the vehicles was $300,000 and the net book value was $135,700. There were no Class 10 assets remaining at the end of the year. 'The company also sold 2 parcel of land that had an adjusted cost base of $67,000 for $100,000. Landscaping: Davece Inc. spent $6,000 on landscaping at its office building. This amount was recorded as an asset in the company's accounting records and no amortization was recorded on the asset in the current year. Charitable Donations: Daveco made $4,000 in charitable donations that were deducted as operating expenses. Meals & Entertainment: 'The company's operating expenses included $8,860 of meals and entertainment expenses. Club Dues: 'The company's operating expenses included a $6,500 corporate membership fee to the local golf and country club. Interest & taxes on vacant land: 'The company's operating expenses included interest of $500 and property taxes of $2,200 on vacant land. Pension expense: The company has.a defined benefit pension for its employees. During the year it contributed $21,000 to the pension plan but the properly calculated pension expense was $25,000. Other Information: 1. 90% of Daveco's taxable income can be allocated to a province, 2. Assume that all capital gains in 2024 and prior years are at 2 50% inclusion rate 3. Daweco had active business Income of equal to its met business income for tax purposes for 2024. (This would be the amount without considering the items and related adjustments) in \"other income\" when calculating the Net Income for Tax Purposes.) The December 31, 2023 balance in Daveco's non-eligible refundable dividend tax on hand (NERDTOH) account was $60,000. The dividend refund for the year ending December 31, 2023 was $12,267 and was received in 2024. e here to search ACCT-4151-A1/A2-Winter 2025 x 5 Case Assignment for Advanced X + X G File C:/Users/Lilli/Downloads/Case%20Assignment%20for%20Advanced%20Taxation%20-%20ACCT%204151%20Winter%202025%20(1).pdf M Gmail YouTube 9 Maps P Start learning with P... a Manage Orders 5 Adobe Acrobat 5 Adobe Acrobat All Bookmarks Case Assignment for Advanced Taxation - ACCT 4151 Winter 2025 (1).pdf 3 / 3 62% + ... 5. At the end of 2023, Daveco had a nil balance in its GRIP and a nil balance in its eligible refundable dividend tax on hand (ERDTOH) account. None of the $32,000 of dividends paid in 2023 was designated as eligible. 6. At the beginning of 2024, Daveco has a net capital loss carry forward of $17,500 and a non- capital loss carry forward of $1,800. Daveco intends to deduct the maximum amount of any carry forwards against its 2024 income. 7. For 2023, the Adjusted Aggregate Investment Income of Daveco and its associated companies is $15,000 and their Taxable Capital Employed in Canada was $2,435,000. 8. Daveco paid $25,000 in taxable dividends during 2024. $132,090 $13,000 of these dividends were designated as eligible. REQUIRED: A. Calculate the Net Income for Tax Purposes and Taxable Income for the year ended December 31, 2024. (Show the calculation of CCA by class including the ending UCC for each class.) B. Calculate Daveco's Part I Taxes Payable for the year ended December 31, 2024 including the refundable portion of Daveco's Part I Taxes Payable. C. Calculate Daveco's Part IV Taxes Payable for 2024. D. Calculate Daveco's GRIP balance at December 31, 2024. E. Calculate the balances in Daveco's Eligible RDTOH and non-eligible RDTOH on December 31, 2024. F. Calculate Daveco's dividend refund for 2024 (to be received in 2025). Type here to search P 10:33 AM NVDA +1.25% A D \\ " GENG 2025-02-28