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Expense and Apprentice Mechanics

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MODULE 1 ASSIGNMENT Note: Before you begin the assignment for Module 1, please click the Module 1 assignment link in the online course navigation pane for instructions on how to complete and submit your responses for marking. Part A: Multiple-choice questions Note: For multiple-choice questions, select the best answer. Answer each item by giving the number of your choice. Incorrect answers will be marked as zero. Please include your answers to the Part A multiple-choice questions with your answer to Part B. Question 1 (20 minutes) a. Fine Fertilizers Limited (FFL) produces a line of lawn fertilizers that are manufactured under controlled conditions to ensure the ingredients are stored carefully and mixed in the correct quantities. FFL has …show more content…

f. Julia Sanchez has moved to France and is considered to be a non-resident. She has recently received an assessment of the taxes she filed in Canada before she left and realizes she did not provide sufficient information on the income earned in Canada, since all of the income sources were assessed as taxable. She has contacted you, CGA, in your capacity as a tax practitioner, and has asked you to assist her in filing an appeal for the income that is not subject to tax in Canada under Part 1 of the Income Tax Act. Which of the following income earned in Canada by Julia will be considered for the appeal process? 1. 2. 3. 4. Recapture of CCA on the disposition of a rental property in a highly volatile real estate market Income from a successful catering business carried on in Canada University scholarship received for correspondence courses that she successfully completed Capital gain on shares of a widely held company listed on the Toronto Stock Exchange g. The Clothing Depot (TCD) is a not-for-profit organization that collects gently used clothing and distributes selected clothing to individuals at the local homeless shelters. The remaining clothing is sold at TCD’s retail location with the net proceeds allocated to these shelters. TCD recently received donated materials with a fair value of $10,000. TCD was very grateful for the donation but would not have purchased these materials for the organization. Management of TCD does

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