select a sample of invoices relating to motor vehicle purchases and ensure they are correctly recorded on the non-current assets master file.

The following represents an existence test for property, plant, and equipment:

a. select a sample of items of machinery in the factory and agree that they are correctly recorded in the machinery general ledger account. b. review entries in the repairs and maintenance expense account for items of a capital nature. c. obtain details of material asset disposals during the period and ensure that they are not included on the non-current assets master file at the period end. d. select a sample of invoices relating to motor vehicle purchases and ensure they are correctly recorded on the non-current assets master file.

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Determine the trust’s Net Income For Tax Purposes and Taxable Income for the current year.

During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….

Indicate the tax effects of these transactions on the Net Income For Tax Purposes for both the trust and for Bryan.

During 2020, the Ho family trust received eligible dividends from publicly traded Canadian corporations in the amount of $100,000. In addition, it received non-eligible dividends from the family owned Canadian….

compare the tax consequences for both Martin and the trust if the sale takes place in December 2020

The Husak family trust has only one beneficiary, Martin Husak, the 32 year old son of the settlor, Dimitri Husak. It is an inter vivos trust and its only asset….