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Assignment 5

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Notes

This assignment is similar in form, length, and difficulty to the actual exam. Please note the following:

¦ Due to its placement in the course, it covers the content of Modules 1 through 9. ¦ The emphasis of each module in this assignment is based on the weightings in the examination blueprint, adjusted for the absence of Module 10 material. • The actual exam will cover all 10 modules, as indicated in the examination blueprint. • The actual exam might contain up to 15 multiple choice questions as opposed to only 10 included in this assignment.

This assignment allows you to gauge your readiness for the actual exam and to better target your exam study, based on the feedback on your performance on this assignment. To derive the most benefit from this assignment, you should complete it under exam conditions within the four hour time limit. Upon completion, review your work against the course material.

• This assignment is based on the Canadian Income Tax Act (ITA) and its Regulations consolidated to July 2013 . • To clarify your answers, you may reference them to the applicable provisions of the ITA and its Regulations (except for Question 1, which is a multiple choice question). • Round all calculations to the nearest dollar. • All calculations must be shown in an orderly manner to obtain full marks.

Question 1 (2? marks)

Select the best answer for each of the following unrelated items. Answer each of these items by giving the number of your choice. Important: Multiple choice questions are to be completed within the Online Learning Environment in your TX2 Assignment Submission section. This portion of the assignment will be automatically graded. Do not include your answers in your Word document as they will not be graded. Marks will not be awarded for explanations.

Multiple choice (2 marks each)

a. A testamentary trust with the son of the taxpayer as the only beneficiary was created on February 1, 2013, as a result of the death of a taxpayer. The beneficiary received the following payments from the trust.

July 20, 2013 $15,000 September 20, 2013 $13,000 January 20, 2014 $ 4,000 February 20, 2014 $ 4,000

What year end should the trust have chosen to allow for maximum tax deferral for the beneficiary?

1 of 7 23/07/2014 10:45 AM

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