Section II: Reference Questions (Total Available Points: 10) Required: Refer to the part of the Tax Act that is related to the following discussions. Use the reference level as specic as possible (e. g., if you know the specic paragraph, list the paragraph, rather than the subsection or section). Write your answer in the designated area on your Answer booklet. Q1. Description of individual deemed resident Q2. Timing to recognize interest income for individual taxpayer Q3. The deductibility of costs of leasing a passenger vehicle Q4. Items in inventory should be valued at the lower of cost or market value. Q5. If remuneration and other amount is unpaid on the day that is 180 days after the end of the taxation year in which the expenses were incurred, then the expenses shall be deemed to be incurred as an expense in the taxation year in which the amount is paid. Q6. Depreciation expense is not deductible. QT. Denition of listed personal property. Q8. The calculation for taxable dividends received by an individual (It also species the gross up rates for both eligible and non-eligible dividends) Q9. Certain interest and property taxes on vacant land are deductible only to the extent of gross revenues in excess of all other expenses. Q10. The proceeds of a parent transferring assets to an adult child should be recorded as the greater of FMV and the actual amounts received