100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-1260326837. All Chapters 1-23. (Complete Download) CA$40.61
Add to cart

Other

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-1260326837. All Chapters 1-23. (Complete Download)

1 review
 135 views  2 purchases

TEST BANK for Canadian Income Taxation Planning and Decision Making, 25th Edition by William Buckwold, Joan Kitunen, Matthew Roman, Abraham Iqbal, ISBN-7. All Chapters 1-23. (Complete Downlo ad) TABLE OF CONTENTS Part 1 A Planning and Decision-Making Approach to Taxation Chapter 1 Taxation—Its Ro...

[Show more]

Preview 4 out of 229  pages

  • September 25, 2022
  • 229
  • 2022/2023
  • Other
  • Unknown
  • joan kitunen
  • matthew roman
  • abraham iqbal
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
All documents for this subject (21)

1  review

review-writer-avatar

By: umairiqbal1 • 2 year ago

some answers are missing from the test bank such as Chapter 1 question19

reply-writer-avatar

By: AcademiContent • 1 year ago

Confirm that the answers are in the consecutive pages in the Answer Key.

avatar-seller
AcademiContent
,CHAPTER 1
1) Which of the following is not considered to be a separate entity for tax purposes in
Canada?


A) An individual
B) A proprietorship
C) A corporation
D) A trust




2) Which of the following attitudes and actions is most likely to help decision-makers
develop an efficient approach to taxation?


A) Cash flows should be considered from a before-tax perspective when making
decisions.
B) Functional managers should not be held responsible for the tax effects of decisions
within their divisions.
C) Tax costs to a business should be regarded as controllable expenses, much like
product costs and selling costs.
D) All managers should own a copy of the Income Tax Act.




3) Which of the following statements is true?


A) Dividends paid by a corporation are deductible by that corporation and are a form of
property income for the recipient.
B) Dividends paid by a corporation are deductible by that corporation and are a form of
business income for the recipient.
C) Dividends paid by a corporation are not deductible by that corporation and are a form
of business income for the recipient.
D) Dividends paid by a corporation are not deductible by that corporation and are a form
of property income for the recipient.




Version 1 1

,4) When assessing the value of a corporation, the most relevant information that decision-
makers normally consider is


A) the potential for before-tax profits.
B) the potential for after-tax profits.
C) the current corporate tax rate.
D) cash flow before-tax.




5) Income tax is calculated for which of the following jurisdictional groups?


A) Municipal, provincial, and federal
B) Municipal, federal, and foreign
C) Provincial, federal, and foreign
D) Municipal, provincial, and foreign




6) Two investor corporations may not enter jointly into which of the following?


A) Joint venture
B) Partnership
C) Separate corporation
D) Proprietorship




7) Which of the following statements is true?




Version 1 2

, A) Cash flow should never be calculated on an after-tax basis.
B) The tax cost to a business should be regarded as a cost of doing business.
C) Income tax cannot be treated as a controllable cost.
D) The value of an enterprise should be based on pre-tax cash flow.




8) Logan holds a 7% interest-bearing debt instrument in Glow Co. Glow Co.'s tax rate is
27%, and Logan is in a 45% tax bracket. Which of the following statements is correct?


A) The after-tax cost of the debt instrument is 5.11% to Glow Co., and the after-tax value
to Logan is 3.85%.
B) The after-tax cost of the debt instrument is 5.11% to Glow Co., and the after-tax value
to Logan is 3.15%.
C) The after-tax cost of the debt instrument is 1.89% to Glow Co., and the after-tax value
to Logan is 3.15%.
D) The after-tax cost of the debt instrument is 7% to Glow Co., and the after-tax value to
Logan is 7%.




9) Which of the following lists accurately names the five general income categories for tax
purposes?


A) Business, Interest, Employment, Capital Gains, Other
B) Business, Property, Employment, Capital Gains, Foreign
C) Business, Property, Employment, Capital Gains, Other
D) Business, Property, Employment, Investments, Other




10) Proprietorships, corporations, partnerships, limited partnerships, joint ventures, and
income trusts are all




Version 1 3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademiContent. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$40.61. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53022 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$40.61  2x  sold
  • (1)
Add to cart
Added