Jeff Bonino has a Net Income For Tax Purposes of $83,000 in the current year. Because of
Question:
Jeff Bonino has a Net Income For Tax Purposes of $83,000 in the current year. Because of a recent run of good luck in Las Vegas, he is able to make a number of donations and contributions in the current year, as follows:
◦Donation to United Way (a registered charity) of $20,000
◦Donation to Federal Liberal party (federal political party) of $5,000
◦Donation to the Canadian Cancer Society (a registered charity) of $30,000
◦Donation to a mayoral candidate for the city of Edmonton of $12,000
◦Donation to World Vision Canada (a registered charity) of $50,000
Determine Jeff's charitable donations tax credit for the current year. In addition, determine if Jack will have any carry-over balances.
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson