BU357 Lecture 7: Chapter 4 Business Income – Div B subdiv b
Document Summary
Chapter 4 business income div b subdiv b. Business income defined and general rules for determining business. Ifrs/gaap is a good starting point - adjustments are made where the act specifies other requirements. Non-arm"s length transactions capital gains axe at 50%) Permanent difference: set out in act that"s not applicabl to accounting income (cid:523)e. g. non-arm"s length transaction: made by people not related to you (cid:523)e. g. Permanent difference: set out in act that"s not applicabl to accounting income (cid:523)e. g. non-arm"s length transaction: made by people not related to you (cid:523)e. g. hiring someone you know is allowed but you can"t expense a ridiculously high amount like. Net income from a business for tax purposes. Inventory can be valued: value each item of inventory at lcm, or, value all items of inventory at fmv, cost of good sold are calculated by, specific identification, or, average cost, or, fifo.
