Determine the amount of tax, Taxation

Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000.  This asset is a Class 43 asset with a CCA rate of 30 percent. The firm already had assets in this Class and the UCC at the beginning of 2010 was $4,000,000.

Bass River's income before the deduction of CCA (or accounting amortization) is $1,800,000 for 2010. Bass River qualifies for the 10 percent investment tax credit. Bass River  is a Canadian Controlled Private Corporation. Determine the amount of tax Bass River will have to pay on its 2010 operations.

Posted Date: 2/23/2013 7:23:03 AM | Location : United States







Related Discussions:- Determine the amount of tax, Assignment Help, Ask Question on Determine the amount of tax, Get Answer, Expert's Help, Determine the amount of tax Discussions

Write discussion on Determine the amount of tax
Your posts are moderated
Related Questions
Jenny is 35 years of age, single and is a professional hairdresser. She was born in Australia, however she often travels overseas for extended periods for work purposes. Jenny rec

Define VAT? what is excise? VAT refers for value added tax, that is termed as charged on profit earned by firm, for example example: let suppose a business man sells a product of U

In relation to the CGT provisions, which of the following statements are correct? Explain your answer citing the relevant law. (a) When disposal of property (CGT event A1) is by

T ax Haven A country with tax-preference laws for foreign organization and individuals. 3 classes of jurisdictions are provided to as tax havens those are (1) levy taxe


Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.2% × current service years × final year's salary, payable at the end of each year. Angel

Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been creat

Given the below facts, what is the total income effect for the year for an investor for its passive-level, trading investment? (Note: the investment is not sold during the year.)

The following assignment is due the last day of class or at the final exam, in hard copy format only. You may complete the assignment in groups of 2-4, if desired. Indicate your

Pension from former employer $39,850, Interest income from Alto Nationl Bank 5,500, Interest income on City of Alto bonds 4,500, Dividends received from IBM 2,000, Collection