Reference no: EM132842604
Question - Stuart Planter sold his small business shares in 20x6 and had a taxable capital gain of $85,000. Stuart was able to use his lifetime capital gains exemptions to offset the taxable capital gain from the sale of his small business shares.
Stuart has asked you to help him prepare his 20x6 tax return, and provides you with the following additional information:
Stuart contributed $5,000 to his TFSA
Stuart also received a $1,000 actual dividend from eligible sources in 20x6
Stuart also received a $5,000 actual dividend from non-eligible sources in 20x6
Stuart earned business income of $ 42,000 in 20x6
Stuart had a limited partnership loss of $ 12,000 in 20x6.
Required - Using tax rates and amounts applicable for 2020, calculate the following:
Calculate Stuart's net income, taxable income, and regular taxes payable for 20x6.
Calculate Stuart's adjusted taxable income and taxes payable using the AMT rules for 20x6.
Determine if Stuart must pay AMT and what amount will amount will be carried forward if any.
|
How the tool can be adapted to meet the diverse needs
: How the tool creates a literate environment to engage students in high quality texts. How the tool can be adapted to meet the diverse needs of students in.
|
|
Is the national labor relations act as important now
: Is the National Labor Relations Act as important now as it was? If that is the case, why are 34.4% of public sector employees unionized today?
|
|
What is the total amount of new money raised
: In 2010, Pandora, Inc., makes a rights issue at a subscription price of $8 a share. One new share can be purchased for every four shares held.
|
|
Estimate of the future spot rate
: If you are a U.S. importer of Mexican goods and you believe that today's forward rate of the peso is a very accurate estimate of the future spot rate
|
|
Calculate Stuart net income and taxable income
: Stuart earned business income of $ 42,000 in 20x6. Calculate Stuart's net income, taxable income, and regular taxes payable for 20x6
|
|
How does technology play a role in literacy development
: How does technology play a role in literacy development? How do technology, digital tools, and resources improve English language arts skills and foster.
|
|
Write outlining the differences between equity and equality
: Write memo outlining the differences between equity and equality and explain why this is important and how the company will implement both in the workplace.
|
|
Calculate the premium on the put options
: a) Using the Black-Scholes option pricing model, calculate the premium on the ABC call options.
|
|
Utilizing the digital communications solution
: Critically evaluate academic and other research to form an argument on an organisational topic that is supported by evidence
|