ADMS 3520 Lecture Notes - Lecture 8: Thout, Alliance For Direct Democracy In Europe, Corporate Tax

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Lecture 8: income or loss from a business and introduction to gst/hst. Use the lecture notes for studying; for parts that you think you really need more info please search for the relevant materials in ctp ch. Self-study problem 6-9: ignore items 12 and 13. Business income compared to employment income, property income and capital gains. The rules for computing income or loss from business or property are contained in subdivision of division b of ita 9 to 37. Before we can apply the rules in subdivision b we must decide if it is business income or employment income (subdivision a) or property income (also subdivision b) or capital gains (subdivision c) Although business is defined in ita 248(1) there have been many court cases on this. Business income is generally speaking income earned from selling goods or providing services. However providing the services of an employee is not business income (it is employment income).

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