User Account

All Pages

What are the tax consequences

Assignment Help Finance Basics
Reference no: EM133109998

Mrs Walker, a computer consultant, did some work for Micro Inc. The agreed fee for her work was $12,000. Her husband is out of work; therefore she invoiced Micro Inc, and asked that it make the cheque payable to her husband. Mrs. Walker plans to have the $12,000 reported on her husband's tax return.

Required:

Discuss how the CRA would treat this $12,000 item. Why? What are the tax consequences.

Reference no: EM133109998

Questions Cloud

What is the wacc for the project : Equity sponsor for the project has a WACC of 14% Cost of bond financing 8%
Calculate the gross gain or loss : The stock price on the last trading day of the contract is $21.00. The gross gain or loss if he closes out his position.
What is the number of units completed equal to : On January 1, there was no beginning Work in Process, but there were 180 units in ending Work in Process inventory. What is the 'number of units completed'
Find gross profit be on the stock and option : How much will the gross profit be on the stock and option if the option is exercised when the stock is at $27.00?
What are the tax consequences : Mrs Walker, a computer consultant, did some work for Micro Inc. The agreed fee for her work was $12,000. Her husband is out of work; therefore she invoiced Micr
How much will be in the account from today : Derek will deposit $2, 190.00 per year into an account starting today and ending in year 18.00. How much will be in the account 18.0 years from today
Hypothesize the changes that require improvement : Assess the current human resource programs, policies, procedures, or initiatives in terms of effectiveness. Hypothesize the changes that require improvement.
Finance a new warehouse project with two options : Suppose you are a CFO of a retail business, which is cash rich from Operation Cash flows. Your firm is going to finance a new warehouse project with two options
Can abc cooperative recover the taxes : Later, ABC Cooperative learned of its exemption and sought to recover from the city government the taxes it paid. Can ABC Cooperative recover the taxes

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd