Reference no: EM132753269
Question - Village Concrete Inc. (Village) is a Canadian controlled private corporation (CCPC) with a year end of December 31, 2011.
Other than the income related items listed below, you may assume that Village's income is from active business in Canada.
Other information about Village:
1. Village had a taxable capital gain in the year of $2,000. based on accounting and tax basis gain of 4,000.
2. Charitable donations were $3,500.
3. Recaptured CCA from operating assets was $2,000.
4. Net Income For Tax Purposes for the year was $186,000. Accounting depreciation was 30,000 and capital cost allowance other than item "3" was $25,000.
Required - Calculate the following
1. Net income for tax NIFT
2. Taxable income
3. The basic federal tax for village
4. The federal tax abatement
5. The small business tax deduction for village.
|
Is jack correct in saying that there is no contract
: Jack and Jane recently bought a vacant block of land in Glandore, with plans to build a new house. Jack spoke to his brother Jed about his plans.
|
|
How much money will each quarterly payment be
: To launch a new product line, a company borrowed $50,000 for 5 years at 4% compounded annually. How much money will each quarterly payment be
|
|
What is the irr for a project that costs
: What is the IRR for a project that costs $100,000 and provides annual cash inflows of $30,000 for 6 years starting one year from today?
|
|
Determine the amount of gain or loss recognized
: Barry sold depreciable property used in his business to Ken for $192,000 cash plus a bond redeemable in 5 years for $95,000, but currently trading on the NYSE.
|
|
Calculate the net income for tax NIFT
: Village had a taxable capital gain in the year of $2,000. based on accounting and tax basis gain of 4,000. Calculate the net income for tax NIFT
|
|
Find what will be the credit to d capital account
: The ABC partnership is comprised of A, B, and C. What will be the credit to D's capital account assuming the goodwill method is used?
|
|
What is the consolidated sales revenue
: On 1/1/2016, Choco acquired 70% of Cake. Choco paid $700,000 and acquisition date fair value of non-controlling interest (NCI) is $300,000. On 1/1/2016.
|
|
Calculate the net present value of the loan
: Delta is also evaluating the use of a 4-year, 5% loan with proceeds of £375,000. The loan calls for equal annual principal payments.
|
|
What is the value of the bond
: Suppose you buy a bond that will pay $1000 in 10 years along with an annual coupon payment of $50. The interest rate is 4%. What is the value of the bond
|