Morgon Inc. carries on a business and uses a taxation year ending December 31. The sole shareholder
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2. The following items were included in the expenses claimed for accounting purposes:
3. Included in the accounting expenses were $14,000 in fees paid to Summer's 16 year old son for creating and maintaining the web site of Morgon Inc. In determining the fee, Helen found that it would cost at least $25,000 to obtain the equivalent services from an outside consultant.
4. Maximum CCA has been determined to be $94,200 for the current taxation year. 5. Had the contract in which damages were paid been completed, it would have increased business income, Required: Calculate Morgan Inc.s' 2021 business income. Explain the reason for excluding any of the amounts.
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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