100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Solutions for Byrd & Chen's Canadian Tax Principles, Vol 2 2023|2024 Edition Donell £32.14   Add to cart
Quickly navigate to
Preview
  2.  
  3. Canadian Tax
  4.  
  5. Canadian Tax
  6.  
  7. Canadian Tax

Exam (elaborations)

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

2 reviews
 181 views  12 purchases
  • Module
  • Canadian Tax
  • Institution
  • Canadian Tax

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 ...

[Show more]

Preview 1 out of 248  pages

Document information

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

Subjects

  • canadian
  • tax
  • principles
  • 2023 2024
  • edition
  • byrd
  • chens
  • donell
  • solutions
  • manual
  • volume 2
  • answer guide

Written for

  • Canadian Tax
All documents for this subject (5)

2  reviews

review-writer-avatar

By: Lisa6482 • 4 months ago

It does not include solutions of Tax Software Assignment Problem.

review-writer-avatar

By: simmy94 • 5 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

reply-writer-avatar

By: StepsSol • 4 months ago

Thanks for your honest feedback. Do not forget to visit us again for more documents you need. If you need any other document, let us know so we can help you further. We are available 24/7.

Seller

avatar-seller
StepsSol

Reviews received

Content preview

& 3
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

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 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 StepsSol. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £32.14. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75323 documents were sold in the last 30 days

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

Start selling
£32.14  12x  sold
  • (2)
  Add to cart