Determine angel net income for tax purposes

Assignment Help Financial Accounting

Reference no: EM132787752

Question - Angel Ramos received the following income in 2020:

Employment income $75,000

Non-eligible dividends $5,000

Sale of capital assets: Proceeds ACB

Shares in IMZ Co. (public corporation) $20,000 $12,000

Shares in BAR Co. (public corporation) $3,000 $10,000

Shares in TRI Inc. to arm's-length party (small business corporation) $2,000 $7,500

Stamp set $1,500 $2,500

Personal electronic system $3,000 $1,000

Coin set $4,000 $800

Required - Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act. (CPP for enhanced contribution = $166.)

Reference no: EM132787752

Questions Cloud

What should be the current share price of shawn inc : What should be the current share price of Shawn Inc.? ext year Shawn's EPS is expected to be $4. The firm is not expected to pay any dividends for next 3 years.

Describe interaction your company has with another entity : Describe some interaction your company has with another entity (firms producing complementary or substitute product, upstream suppliers, or downstream customer)

Calculate the theoretical yield of calcium hydroxide : The reaction yielded 2.5 grams of calcium hydroxide. Calculate the theoretical yield of calcium hydroxide and %Yield for the reaction.

Concentration of the chloride ions : The dry precipitate had a mass of 6.2g. What was the concentration of the chloride ions in the solution of magnesium chloride?

Determine angel net income for tax purposes : Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act

Establish the health and public image of a company : Research at least five areas of publicly available information (such as the Dow Jones or top search engine results) that help to establish the health.

Calculate the theoretical yield of calcium hydroxide : The reaction yielded 2.5 grams of calcium hydroxide. Calculate the theoretical yield of calcium hydroxide and %Yield for the reaction.

How to record the acceptance of an industrial partner : How to record the acceptance of an industrial partner to the partnership? What The interest on the money borrowed by the partner from the partnership is

Understanding and analyzing your role : Evaluate your learning and development throughout your professional career. Ideally, this activity will facilitate the integration of theory and practice

User Account

All Pages