MODULE 1 ASSIGNMENT Note: Before you begin the assignment for Module 1, please click the Module 1 assignment link in the online course navigation pane for instructions on how to complete and submit your responses for marking. Part A: Multiple-choice questions Note: For multiple-choice questions, select the best answer. Answer each item by giving the number of your choice. Incorrect answers will be marked as zero. Please include your answers to the Part A multiple-choice questions with your answer to Part B. Question 1 (20 minutes) a. Fine Fertilizers Limited (FFL) produces a line of lawn fertilizers that are manufactured under controlled conditions to ensure the ingredients are stored carefully and mixed in the correct quantities. FFL has …show more content…
f. Julia Sanchez has moved to France and is considered to be a non-resident. She has recently received an assessment of the taxes she filed in Canada before she left and realizes she did not provide sufficient information on the income earned in Canada, since all of the income sources were assessed as taxable. She has contacted you, CGA, in your capacity as a tax practitioner, and has asked you to assist her in filing an appeal for the income that is not subject to tax in Canada under Part 1 of the Income Tax Act. Which of the following income earned in Canada by Julia will be considered for the appeal process? 1. 2. 3. 4. Recapture of CCA on the disposition of a rental property in a highly volatile real estate market Income from a successful catering business carried on in Canada University scholarship received for correspondence courses that she successfully completed Capital gain on shares of a widely held company listed on the Toronto Stock Exchange g. The Clothing Depot (TCD) is a not-for-profit organization that collects gently used clothing and distributes selected clothing to individuals at the local homeless shelters. The remaining clothing is sold at TCD’s retail location with the net proceeds allocated to these shelters. TCD recently received donated materials with a fair value of $10,000. TCD was very grateful for the donation but would not have purchased these materials for the organization. Management of TCD does
This is a case involving Mrs. Lomanno and her husband Mr. Lomanno. Mrs. Lomanno, who is the petitioner, filed a case contesting her liability for deficiencies or additions of tax for the year 1987 and 1988. The petitioner started working in the 1986 as a dietetic director at Kaiser Hospitals and later that year after Kaiser ceased operations worked for a nursing home as Director of Dieticians. In the year 1987, she started working as a sales representative for Practor-Care, Inc. she was in charge of marketing nutrition and food computer software to institutions in Ohio, Kentucky, Michigan and part of Pennsylvania, she ceased working in 1987 due to a difficult pregnancy she did not return to work. In the year 1987 her
Write an APA-formatted response of no more than 200 words for each the following questions:
In 2013 Marianne sold land, building and equipment with a combined basis of $150,000 to an unrelated third party and in return received an installment note of $80,000 per year for five years. Of the $250,000 gain on sale, $150,000 was classified as Section 1245 gain and the remaining $100,000 was Section 1231 gain. In 2013, Marianne had a capital loss carryover of $60,000, $50,000 of which she used to offset her Section 1231 gain; she recognized no Section 1245 gain. The following year she recognized $40,000 of 1245 gain and $10,000 of Section 1231 gain which she promptly offset with the last $10,000 of the capital loss carryover. In 2015, she recognized $50,000 Section 1245 gain and no Section 1231 gain.
If Mr. Murray is from a Tax Treaty country, he would file Form 8833, Treaty-Based Return Position Disclosure under Section 6114 or Section 7701(b), per Treasure Regulation 301.6114-1 (The Effect of Tax Treaties, 2013). Form 8833 overrides US residency rules. The taxes owed
Mr. Karimi is 28 years old guy with no previous criminal records and works at windows delivery company in Langley. Mr. Karimi is married to Mrs. Kia and they have a six month old little son. Mrs. Kia is 21 years old and completely depends on her husband as she does not have a job and new to Canada.
TFC can look into boosting its revenues through investment in brand recognition or promotion opportunities like sponsoring or conducting fashion shows, updating its website, conducting workshops across schools or colleges dedicated to fashion, promoting new fashion enthusiasts and/or designers etc.
Furthermore, due to unable to afford medical expenses in the United States, the applicant and her husband wish to return to China for cancer treatment as soon as she and her husband receive their Greencards. Without greencard, the applicant may be unable to return tot eh United States due to the overstay status. But, all of her children are either US citizen and US permanent residents who are anxiously to be united with the parents. For all above reasons, the undersigned respectfully requests your expediate processing of the
The main goal of this fundraising is to help children educate in a stable safety environment. Due to the Earthquake in 2012, Our building is damaging more every day. We will also use the money as Scholarship to help fund children education. The expected cost in total is $ 35,000. I would greatly appreciate your help in reaching our goal.
Everything matches except the taxes, can you please confirm if it is some special taxes that I need to pay on a GL?
My journey to Canada started in 1997 when I worked at a multinational company in Pakistan and my boss Imran offered me an opportunity to go work in Canada. I was very excited and accepted the offer without even thinking. Going to Canada would be a dream come true, all these luxurious cars, big houses and first world lifestyle. I wanted to leave Pakistan for a while due to a lot of corruption, crime and security for my family but couldn’t because of my financial situation. I rushed home and told my wife my plan. She was unsure about moving as all our relatives, parents live in Pakistan and she was scared what will happen if things don’t work out in Canada. After a lot of convincing and advising from our elders she finally agreed. We applied
Tara may have assumed she was receiving more than what she got because like most people who do math they would multiply how much they make by the amount of time they have worked and will immediately forget about taxes which will differ in states. Hopefully she would not repeat that mistake.
Donations from the walk will be used for purchasing food items to fill Loaves & Fishes warehouse, as well as household items (toiletries, cleaning supplies, etc.) that are sometimes taken for granted, but are considered luxury items to families less fortunate.
She then suggests contacting our servicing team to further address where the tax refunds are located.
That is why you should make sure that you report all important information to the IRS. If you are doing your taxes yourself, then it is a good idea to have a professional look over your forms to make sure you have included all of the necessary information.
The essential aim of the charity shop is to raise stores for volunteer funds. The essential working of these shops helps in improvement of group life in different ways. Such shops stock second hand clothes and family products that are given by individuals who do not have any further requirement for them. They are normally staffed by unpaid volunteers from the neighbourhood group