COMMERCE 4SB3 Final: Exam preparation
14 Dec 2017
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Example you sold farm and generated 1m profit and net income of. 500,000 but because of capital gain deduction you pay no tax. Gov"t decided that its not fair so they implemented minimum tax. Deductions could be division b or c and you should be at least federally the 15 % tax based on recalculated tax. If you pay below that, it will trigger a tax liability so you will have to pay tax. Minimum tax mean there is a tax liability when there shouldn"t normally be one because of capital deductions, . Page 563 chart will be on the final exam. Federal, basic tax payable needs to be there. Big question 50 marks - problem 13 chapter 9 - refundable tax credit question (take a person"s life and figure out how much questions they owe.
