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Solutions for Byrd & Chen's Canadian Tax Principles, Vol 2 2023|2024 Edition Donell

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Complete Solutions Manual for Byrd & Chen's Canadian Tax Principles, 2023|2024 Edition,Volume 2 by Gary Donell, Clarence Byrd, Ida Chen. Full Chapters Solutions included for Volume 2 (Chap 11 - 21) 11 Taxable Income and Tax Payable for Inliiduals Revisited 12 Taxable Income and Tax Payable for ...

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  • September 6, 2023
  • 248
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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By: Lisa6482 • 2 months ago

It does not include solutions of Tax Software Assignment Problem.

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By: simmy94 • 3 months ago

The solution is available real time to check where I am going wrong and gives me access to questions my instructors don't post solutions too so I can practice for exams

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Solutions Manual, Byrd Chen’s Canadian Tax Principles 202 /24 Edition

Complete Solutions Manual Vol 2 (Chap 11 - 21)

Chapter 11 – Solutions to Assignment Problems
Solution to AP 11-1
2020 Analysis
The required information can be calculated as follows:
ITA 3(a)
Business Income $18,000
Taxable (Grossed Up) Dividends 2,360 $20,360
ITA 3(b)
Taxable Capital Gains $ 600
Allowable Capital Losses (2,100) Nil
ITA 3(c) $20,360
ITA 3(d)
Unrestricted Farm Loss (See Note) (6,250)
2020 Net Income and Taxable Income $14,110


Note Ms. Breau’s farm losses are restricted as follows:
Total Farm Loss $10,000
Unrestricted Amount:
First $2,500 ($ 2,500)
One-Half of $7,500 ($10,000 – $2,500) (3,750) (6,250)
2020 Restricted Farm Loss $ 3,750

As noted in the problem, none of the losses can be carried back before 2020. This would
leave the following 2020 loss carry over balances:
• 2020 Restricted Farm Loss $3,750
• 2020 Net Capital Loss [($2,100 (ITA 3(b)(ii)) – $600 (ITA 3)(b)(i))] $1,500

In this first year the taxable income is less than the required $15,000 to fully utilize available
personal tax credits; however, there is no choice to limit any of the ITA 3 amounts to a smaller
amount so as to achieve the $15,000 taxable income.

2021 Analysis
The required information can be calculated as follows:
ITA 3(a)
Farm Income $ 2,000
Taxable (Grossed Up) Dividends 2,950 $4,950
ITA 3(b)
Taxable Capital Gains $ 1,000
Allowable Capital Losses Nil 1,000




11-1

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