Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 15, Problem 8QPD
Mr. Zelig was recently promoted to an executive position by his corporate employer. The corporation now requires him to entertain clients much more frequently, and Mr. Zelig expects to incur at least $1,000 out-of-pocket business entertainment expenses each month. The corporation will either reimburse him directly for these expenses or give him a salary bonus at year-end that indirectly covers his annual expenses. Which option should Mr. Zelig choose and why?
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Anthony lives in Tacoma and frequently travels to Los Angeles for business. He incurs the following expenses for the current year:
Airfare $5,000
Lodging
Meals
$250 per day
$81 per day
Anthony's business days for the year total 20 days and his personal days while traveling total 8 days. How much travel expense can
Anthony deduct on his tax return assuming that each trip has more than 50% of the days utilized for business activity in 2023?
Deduction $
11620
Your client, Karna, has asked you for some advice. He would like to know how much he can contribute to his RRSP in
the current year without over contributing. Karna has a carry forward amount of $16,000 and a pension adjustment of
$6,000 from the previous year. In addition Karna has been divorced for the past three years and pays $2,500 per
month in alimony. Given this scenario and based on the financial information below, how much can Karna contribute
this year?
Base Salary
Commission
Bonus
Investment Portfolio
Capital Gains
Dividends
$5,000
$6,000
Total taxable income $136,000
Select one:
Current Year Previous Year
$85,000
$80,000
$25,000
$30,000
$15,000
$18,000
a. $29,080
b. $27,100
c. $27,640
d. $29,260
$4,000
$5,000
$137,000
Fred Blake has agreed to work for the Cummings Foundation at a total annual salary of $
55,000. He is uncertain whether he should be paid bi-weekly or semi - monthly and has
asked for your assistance. Calculate the typical deductions for CPP and El that must be taken
from Fred's salary under either alternative. Will the choice affect the total El or CPP Fred pays
during the year?
Chapter 15 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
Ch. 15 - Prob. 1QPDCh. 15 - Prob. 2QPDCh. 15 - Prob. 3QPDCh. 15 - Discuss the practical reasons why the tax law...Ch. 15 - Prob. 5QPDCh. 15 - Mr. Burnett owns 10 percent of the stock of ABC...Ch. 15 - This year, publicly held Corporation DF paid its...Ch. 15 - Mr. Zelig was recently promoted to an executive...Ch. 15 - Prob. 9QPDCh. 15 - Prob. 10QPD
Ch. 15 - Prob. 11QPDCh. 15 - Prob. 12QPDCh. 15 - Prob. 13QPDCh. 15 - Prob. 14QPDCh. 15 - Greg Company agreed to pay Ms. Bilko 45,000...Ch. 15 - Trent Inc. needs an additional worker on a...Ch. 15 - Prob. 3APCh. 15 - Mr. and Mrs. Brock own a bakery. Their marginal...Ch. 15 - Mr. and Mrs. Soon are the sole shareholders of SW...Ch. 15 - Prob. 6APCh. 15 - Mrs. Flay, age 57, participates in the group term...Ch. 15 - Mrs. Ellers corporate employer has a cafeteria...Ch. 15 - Mr. Nixon and Mr. Ryan are employed by HD Inc.,...Ch. 15 - Peet Company provides free on-site day care for...Ch. 15 - This year, Faro Inc., a calendar year taxpayer,...Ch. 15 - Prob. 12APCh. 15 - Prob. 13APCh. 15 - Prob. 14APCh. 15 - Refer to the facts in the preceding problem. Five...Ch. 15 - Prob. 16APCh. 15 - Prob. 17APCh. 15 - Prob. 18APCh. 15 - Prob. 19APCh. 15 - Prob. 20APCh. 15 - Prob. 21APCh. 15 - Prob. 22APCh. 15 - Prob. 23APCh. 15 - Prob. 24APCh. 15 - Prob. 25APCh. 15 - Prob. 26APCh. 15 - Prob. 27APCh. 15 - Refer to the facts in the preceding problem Assume...Ch. 15 - Prob. 29APCh. 15 - Prob. 30APCh. 15 - What is the maximum IRA contribution that Mr....Ch. 15 - Prob. 32APCh. 15 - Ms. Ray is age 46 and single. Her employer made a...Ch. 15 - Mr. and Mrs. Davos file a joint tax return. Each...Ch. 15 - Mr. and Mrs. Mario, ages 39 and 35, file a joint...Ch. 15 - Prob. 36APCh. 15 - Prob. 37APCh. 15 - Prob. 38APCh. 15 - Prob. 39APCh. 15 - Prob. 40APCh. 15 - Prob. 41APCh. 15 - Prob. 1IRPCh. 15 - Prob. 2IRPCh. 15 - Prob. 3IRPCh. 15 - Prob. 4IRPCh. 15 - Prob. 5IRPCh. 15 - Prob. 6IRPCh. 15 - Prob. 7IRPCh. 15 - Prob. 8IRPCh. 15 - Prob. 9IRPCh. 15 - Prob. 10IRPCh. 15 - Prob. 11IRPCh. 15 - Prob. 12IRPCh. 15 - Prob. 13IRPCh. 15 - Prob. 14IRPCh. 15 - Prob. 15IRPCh. 15 - Prob. 1RPCh. 15 - Prob. 2RPCh. 15 - Prob. 3RPCh. 15 - Prob. 4RPCh. 15 - This year, Mr. Joss accepted a job with BL Inc. He...Ch. 15 - Mr. Remling is entitled to a 5,200 bonus this year...Ch. 15 - Prob. 3TPCCh. 15 - Prob. 4TPC
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