Tax 4

.pdf
School
Athabasca University, Calgary **We aren't endorsed by this school
Course
TAXX MISC
Subject
Accounting
Date
Oct 19, 2023
Pages
2
Uploaded by greenlife7861 on coursehero.com
Practice Examination Solution - Chapter 2 (Procedures And Administration) Page 3 The notice of objection must be filed the later of one year after the due day for the return (April 30, 2014), and 90 days after the day of mailing the notice of assessment (August 10, 2013). If the informal procedure has been used in the Tax Court Of Canada, no further appeal is allowed. 1 grading point for each correct answer. Total 7 Your Mark = [(# of grading points + 7)(21%)] = % Solution 15 (50 Marks) Maximum Grading Points Available = 109 Case 1 = 25 Case 2 = 20 Case 3 = 22 Case 4 = 21 Case 5 = 21 Case One 1. Thenettaxowingforthe current . In addition, the net tax owing in 2011 was $6,620 ( the net tax owing for the current year and one of the two preceding years exceeds $3,000, instalment payments are Note that since the net tax owing in 2010 was $5,682 ($56,742 - $51,060), the tax owing for that year could be used instead of 2011. nes 2. The three acceptable alternatives would be as follows: instalments of $996.25 ($: stalments of $1,655.00 (%€ y quarterly instalments. ents of $1,889.50 {{$6 based on the current year estimate. 25 based on the first preceding year. , followed by ' quarterly instal- }, for a total of $6,620. 3. The estimate. - would be quarterly instalments of ased on the current year The instalments would be due on } 2012. Case Two 1. The nettax owingfor the currentye tax owing in 2010 was $3,316 {$ f the two prece . Inaddition, the net As the net tax owing for the current 5 $3,000, instalment payments are 2. The three acceptable alternatives would be as follows: based on the current year estimate. 20 quarterly instalment rther instalments would be requirec I, using this year as the instalment base would be the The instalments would be due on | 2012, if instalments were paid.
Practice Examination Solution - Chapter 2 (Procedures And Administration) Page 4 Case Three . 1. The nettax owing for the currenty i 3). In addition, the net tax owing in 2011 was $3,302 ( . As the net tax owing for the current d one of the two preceding years exceeds $3,000, instalment payments are 2. The three acceptable alternatives would be as follows: based on the current year estimate. based on the first preceding year. instalments would be nii, A in its quarterly Inst 3: would be required on The two instalments of i , 2012, Case Four 1. As the corporation's tax 2. The three acceptable alternatives would be as follows: nstalments of $5,371.42 ($ based on the current year estimate. nstalments of $1,898.75 ($: b red on the first preceding year. monthly instalments of $4,728.50 ( based on the second i year, followed by monthly instalments of $1,332.80 {[( tal of $22,785. » would be monthly instalments of § >, a total of $22,785. The instalments would be dueonth , beginningin 2012, Case Five for both the current and the preceding year orporation's ta As the corporation qualifies as a small CCPC, the instal- $3,000, instalments are reg ments will be quarterly. 2. The three acceptable alternatives would be as follows: ased on the current year estimate. based on the preceding year. followed by three quarterly atotal of $71,560. instalmentsof $16,114.25 (54 mflalmenta of $17, 890 00 (S 1, , for a total of and 2012. The instalments are due on A Your Mark = [{# of grading points + 109){(80%)= % 22 21 21
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