4562 tax course summer midterm and solution
YORK UNIVERSITY
ADMS 4562 CORPORATE TAXATION IN CANADA
MIDTERM EXAM #1 – Sunday June 9, 2013
No. of Questions: 3 plus 4 multiple choice questions
Number of Pages: 8 (please ensure you have all pages)
Time allowed: 2 hours (75 marks)
Course Director: Jason Fleming Section A Wednesday 4 - 7pm; Section B Thursday 4 - 7pm; and Section C Thursday 7 - 10pm ________________________________________________________________
Instructions (Please read before you start):
1. You may use a non-programmable calculator and the handout which is provided to you. You CANNOT use your Act, a dictionary, cell-phone or any other aids.
2. The exam must be done in ink and not in pencil.
3. Time allotments are provided for each question as a guide to ensure that you spend the appropriate amount of time on each question.
4. You only need to give Income Tax Act references in Question 2. Selected parts of the Act are provided as part of this question.
5. Only one solution booklet can be used. You can write on both sides of each page. Questions 1 to 3 are to be answered in your solution booklet. The multiple choice questions are to be answered on this question paper.
6. If you feel you require more information in a fact situation, outline the exact nature of the information clearly and specify how it would affect your decision, but do not contradict facts or assume the abnormal.
7. You must show all your work and all your detailed calculations in order to get full marks in Questions 1 to 3.
_________________ _________________ ___________________ ___________________
LAST NAME GIVEN NAME STUDENT # SECTION #
DO NOT TAKE THE EXAM BOOKLET APART
YOU MUST HAND IN THE EXAM QUESTION PAPER
Question 1: 14 marks (suggested time: 22 minutes)
Macy has just hired you to provide her tax advice. Macy is 40 years old and a Canadian resident for tax purposes. Macy owns 10,000 common shares of AI Inc. AI Inc. was incorporated in 1975 in the
ADMS 4562 CORPORATE TAXATION IN CANADA
MIDTERM EXAM #1 – Sunday June 9, 2013
No. of Questions: 3 plus 4 multiple choice questions
Number of Pages: 8 (please ensure you have all pages)
Time allowed: 2 hours (75 marks)
Course Director: Jason Fleming Section A Wednesday 4 - 7pm; Section B Thursday 4 - 7pm; and Section C Thursday 7 - 10pm ________________________________________________________________
Instructions (Please read before you start):
1. You may use a non-programmable calculator and the handout which is provided to you. You CANNOT use your Act, a dictionary, cell-phone or any other aids.
2. The exam must be done in ink and not in pencil.
3. Time allotments are provided for each question as a guide to ensure that you spend the appropriate amount of time on each question.
4. You only need to give Income Tax Act references in Question 2. Selected parts of the Act are provided as part of this question.
5. Only one solution booklet can be used. You can write on both sides of each page. Questions 1 to 3 are to be answered in your solution booklet. The multiple choice questions are to be answered on this question paper.
6. If you feel you require more information in a fact situation, outline the exact nature of the information clearly and specify how it would affect your decision, but do not contradict facts or assume the abnormal.
7. You must show all your work and all your detailed calculations in order to get full marks in Questions 1 to 3.
_________________ _________________ ___________________ ___________________
LAST NAME GIVEN NAME STUDENT # SECTION #
DO NOT TAKE THE EXAM BOOKLET APART
YOU MUST HAND IN THE EXAM QUESTION PAPER
Question 1: 14 marks (suggested time: 22 minutes)
Macy has just hired you to provide her tax advice. Macy is 40 years old and a Canadian resident for tax purposes. Macy owns 10,000 common shares of AI Inc. AI Inc. was incorporated in 1975 in the