ACCO 340 Lecture Notes - Lecture 5: Life Insurance, Interest Expense, 5,6,7,8
24 Mar 2018
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)f something isn"t taxable write description of amount and n)l (cid:523)must. Residency question: say what theyre taxable on and on for what year (no super long case question) Tested heavily on sec 5, 6, 7, 8 not division c on exam (comprehensive question) Everything from class 1-52 could be tested for cca. Cca question: traded in disposed of old asset and acquire new. Replaced asset disposed of old asset and bought a new one. State it, cant just remove it and not mention it) Employees are limited to sec. 8 and self-employed have many more expenses. Property income is passive income (ex: stocks don"t exert anything. Business vs. capital gain: relevant later on to get income) Definition: fiscal period is a period that does not exceed 53 weeks. So they reconcile acco income to tax income for each country"s tax system. If yes don"t do anything (ita doesn"t mention it) )f )ta says something isn"t deductible but is.
