Question: Mr. Seyed Ramsey has employment income of $90000. He owns shares that are listed on the Toronto Stock Exchange. These shares have a fair market value of $157000 and an adjusted cost base of 64000. During 2019, these shares are given to a registered Canadian charity. Determine Mr. Ramsey's maximum charitable donations tax credit in 2019. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. QUESTION 2: Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $44000 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
Question: Mr. Seyed Ramsey has employment income of $90000. He owns shares that are listed on the Toronto Stock Exchange. These shares have a fair market value of $157000 and an adjusted cost base of 64000. During 2019, these shares are given to a registered Canadian charity. Determine Mr. Ramsey's maximum charitable donations tax credit in 2019. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. QUESTION 2: Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $44000 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income? Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
Chapter2: Working With The Tax Law
Section: Chapter Questions
Problem 36P
Related questions
Question
None
Transcribed Image Text:Question:
Mr. Seyed Ramsey has employment income of $90000. He owns shares that are
listed on the Toronto Stock Exchange. These shares have a fair market value of
$157000 and an adjusted cost base of 64000. During 2019, these shares are given
to a registered Canadian charity. Determine Mr. Ramsey's maximum charitable
donations tax credit in 2019.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your
response.
QUESTION 2:
Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side
from a small farm she runs in her backyard. In 2018, the first year of operation, she
had a loss of $44000 and deducted the maximum allowable amount. What is the
amount of her farm loss carryover to future years that can be applied against future
farm income?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your
response.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT