The father (Mr. Lucifer) of one of your clients (Mrs. Damien) passed away on the evening of October 31, 2023. Mr. Lucifer was 66 years old. Mrs. Damien is the sole beneficiary of her father's estate.

Mrs. Damien has given you the following information with respect to her father's income from January 1, 2023 to the date of his death.

1. Salary $4,000 a month for January through October, paid on the last day of the month.
2. Mr. Lucifer was owed a bonus by his employer amounting to $3,000. This was received by the estate on November 30, 2023.

1. Bond interest interest of $950 was accrued on a bond that doesn't mature until June 30, 2024; interest is payable only upon maturity of the bond.

1. Bank account interest interest of $150 was accrued on his chequing account from January1 through October 31, 2023.

1. Dividend income dividends of $200 were declared on his shares in Hades Explorations Limited; the dividends were payable October 30, 2023, but had not been paid as of the date of Mr. Lucifer's death.

1. The shares in Hades Explorations Limited were purchased for $13 in 2015. The fair market value of the shares, on October 31, 2023, was $39. Hades Explorations Limited is a public company.

Required:

1. What is the due date of Mr. Lucifer's 2023 personal income tax return?

1. What are the tax implications of each of the above items assuming that no elective returns are utilized?

1. Which of the above items are eligible to be included on an elective return? Identify the name of the elective return. What is the filing deadline for this return?

Answer rating: 100% (QA)

1 The due date of Mr Lucifers 2023 personal income tax return would typically be April 30 2024 However since Mr Lucifer passed away on October 31 2023 ... View the full answer