COMMERCE 4SD3 Lecture Notes - Lecture 9: Tax Bracket, Lemonade Stand, Property Income
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Involuntary is good for all 3 (equipment, land & building: have to replace it w/in the year it happened or subsequent 2 years, ex. Solution 22: concept of attribution & w/kiddy tax, you"re a (cid:373)i(cid:374)or (cid:272)hild: Legally now, the asset = the husbands: any dividends that are paid (property income) get taken off the husbands return. Sale for cash of per share: section 73 (1) says it happens @ cost (per acb) - per share. Sale for note receivable of per share w/no interest (present value is per share) 20 (1) (n) accounts receivable not due reserve (ar not due / sales price) * gain. 21 (n) reserve is good for 3 years: recalculate reserve, to determine income inclusion (the ,500 of business profit) In 2019 (yr. 4: take prior years reserve (of ,000, do not get a reserve in 2019 since 21 (n) is good for 3 years & it was used up in.
