Reference no: EM132737520
Problem 1: Of the following statements about tax credits, which one is correct?
Option 1: They are deducted from total income and are effectively not subject to tax.
Option 2: They reduce tax by the same amount regardless of a taxpayer's marginal tax rate.
Option 3: They are deducted from Net Income For Tax Purposes and are effectively not subject to tax.
Option 4: Their impact is greater for taxpayers with a higher marginal tax rate.
Problem 2: Which of the following situations will NOT result in the attribution of income to the transferor?
Option 1: The transfer of a capital property to a spouse for consideration equal to fair market value of the property.
Option 2: The transfer of a capital property to a spouse in return for a non-interest bearing note.
Option 3: The transfer of an unincorporated business to a spouse.
Option 4: The transfer of a capital property to the 15 year old son of the transferor's sister.
Problem 3: Jake Baxter donated $100,000 in cash to a Canadian registered charity. His Net Income For Tax Purposes and Taxable Income for the year is $120,000. Calculate Jake's maximum federal tax credit for charitable gifts.
Option 1: $13,500.
Option 2: $15,000.
Option 3: $26,072.
Option 4: $28,972.
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