RSM424H1 Lecture Notes - Lecture 6: Net Income, Cash Flow, Capital Cost Allowance
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Q. 1) under part i of ita, determine the minimum income for tax purposes and the minimum taxable income for extra for the 20x8 taxation year, assuming that all assets are sold. Building (50% (k - 320k)) (lcp k - ucc 290k) Nerdtoh = 30 2/3% * (aii = tcg) = 30 2/3% * ,000 = ,807. Net income before tax and sale of assets. 815,000 add back 50% not deduc. from income (dr. r/e, cr. Q. 2) based on your answer to requirement 1, calculate the minimum part i and part iv federal income tax for the 20x8 taxation year. Include calculation of erdtoh, nerdtoh and dividend refund, if any. Less: sbd deduction - 19% of least of: (1) abi (2) taxable income (3) annual business limit. General tax reduction - 13% of calc. amt: Refundable tax on investment income - 10 2/3% of least of:
