Exam (elaborations)
Tax Chapter 2 Practice Exam Exam With Complete Solutions Latest Update
- Module
- Reassessment Period
- Institution
- The University Of Nottingham (UON)
Tax Chapter 2 Practice Exam Exam With Complete Solutions Latest Update
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Tax Chapter 2 Practice Exam Exam WithComplete Solutions Latest Update
Under what circumstances must an individual file an income tax return?
If an individual is required to file an income tax return, by what date
must it be filed?
Jane Dallas filed her 2021 income tax return by her filing due date of
April 30, 2022. She received her notice of assessment on July 15, 2022.
The notice did not indicate any issues with her return which was
accepted as filed. On January 13, 2023, she receives a notice of
reassessment, indicating that deductions of $15,000 were being
disallowed and that she owed an additional $5,900 in income tax as a
result. The reassessment was dated January 10, 2023. Jane does not
agree with the reassessment and has asked your advice on how to deal
with the situation. Outline the steps that should be taken to contest or
challenge the reassessment.
, An individual is required to make deductible spousal support payments
each year. This individual can request that his employer reduce the
amount of income tax withheld. (T/F)?
True
An individual, whose only income is from carrying on a business as a
sole proprietor dies on December 29, 2022. This individual's 2022 tax
return must be filed by June 15, 2022.(T/F)?
False
An individual whose filing date is April 30 does not file the 2022 income
tax return until June 27, 2022. The individual has never missed a filing
date. The penalty for late filing would be equal to 6% of the tax owing
on the filing date. (T/F)?
True
Without regard to the date on which their tax return must be filed, all
corporations must pay any balance owing within three months of their
year end. (T/F)?
False
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