Ferran operates a boutique yarn store from their own. The store had accounting income after tax of $50,000. Already deducted from that number are depreciation of $5,000, financing fees of $2,500, and salaries to arm’s length employees of $10,000. CCA would be $4,000. Calculate Ferran’s taxable income based on what you know about them? (CANADA)

Ferran operates a boutique yarn store from their own. The store had accounting income after tax of $50,000. Already deducted from that number are depreciation of $5,000, financing fees of $2,500, and salaries to arm’s length employees of $10,000. CCA would be $4,000. Calculate Ferran’s taxable income based on what you know about them? (CANADA)

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 30P

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Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $40,000. Already deducted from that number are tax expenses of$8,000, meals of $1,300, and yarn supplies expense of $5,000.Calculate Ferran's taxable income based on what you know about them?
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B4. Ferran operates a boutique yarn store from their own. The store had accounting income after tax of $50,000. Already deducted from that number are depreciation of $5,000, financing fees of $2,500, and salaries to arm’s length employees of $10,000. CCA would be $4,000. Calculate Ferran’s taxable income based on what you know about them? (CANADA)
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