Case Study 2: During the current year, Jonathan Beasley has…

Case Study 2: During the current year, Jonathan Beasley has the following expenses: Utility expenses for Home     $2,500Maintenance and Repairs for Home     3,100Municipal property tax for Home     5,400House Insurance     1,300Interest on Mortgage     4,600Home Telephone Monthly Charge     600Separate Line Monthly Charge     480Employment/Business related Long Distance Charges     560Home Internet Access Fees     720 Mr. Beasley estimates that he uses 18% of his home, including a component for common areas, and 30% of his home internet service for employment/business related purposes. Maximum CCA on 100% of the home would be $12,000. Determine the maximum deduction that could be claimed assuming:A. The individual is an employee with $72,000 in income (no commissions).B. The individual is an employee with $72,000 in commission income.C. The individual carries on a business as a sole proprietor (e.g. self-employed )and earns $72,000 in business income.

Case Study 2: During the current year, Jonathan Beasley has…

Case Study 2: During the current year, Jonathan Beasley has the following expenses: Utility expenses for Home     $2,500Maintenance and Repairs for Home     3,100Municipal property tax for Home     5,400House Insurance     1,300Interest on Mortgage     4,600Home Telephone Monthly Charge     600Separate Line Monthly Charge     480Employment/Business related Long Distance Charges     560Home Internet Access Fees     720 Mr. Beasley estimates that he uses 18% of his home, including a component for common areas, and 30% of his home internet service for employment/business related purposes. Maximum CCA on 100% of the home would be $12,000. Determine the maximum deduction that could be claimed assuming:A. The individual is an employee with $72,000 in income (no commissions).B. The individual is an employee with $72,000 in commission income.C. The individual carries on a business as a sole proprietor (e.g. self-employed )and earns $72,000 in business income.

The question below are based on the following information: T…

The question below are based on the following information: The cost of the purchase of a used automobile is $20,000 including HST. If the automobile is leased, the monthly lease payment is $500 including HST. The automobile is driven for a total of 26,000 km in 2023 and the operating expenses for the year are $4,000.  Assume the automobile is purchased. It was used by an employee for the whole year. The employee drives it for personal purposes for a total of 9,000 kms. What is the minimum taxable benefit? Show all of your work.

Case Question #1 Albert Lee is an employee of a large Canadi…

Case Question #1 Albert Lee is an employee of a large Canadian company. As he has performed exceptionally well in recent years and has become sought after by competitors, the Company is planning to increase his compensation in an effort to retain him. Mr. Lee has developed a growing interest in investing in options and, in order to finance this activity, he is looking to borrow $500,000. His bank has indicated that they would be prepared to loan this amount to him at an interest rate of 6%. This is attractive in that he anticipates that his activity in the options market will generate a pre-income tax return of at least 15%. Given this situation, Mr. Lee has indicated to his employer that, instead of additional remuneration in the form of salary, he would be prepared to accept a $500,000 interest free loan for 3 years. He would fully invest this in options. The Company is subject to income tax at a combined federal/provincial/territorial income tax rate of 27%. When funds are available, the Company has alternative investment opportunities that earn a pre-tax rate of return of 9%. Any additional compensation for Mr. Lee will be subject to a combined federal/provincial income tax rate of 46%. Assume that the prescribed interest rate for employee loans for the current year is 2%. Required:A. Determine the income tax consequences to Mr. Lee and the cost to the Company, in terms of lost after-tax earnings, of providing Mr. Lee with a $500,000 interest free loan for the first year of the loan.B. Determine the amount of additional salary that could be provided to Mr. Lee for the same after tax cost to the Company that you calculated in Part A.C. Which alternative would you recommend that Mr. Lee accept? Explain your conclusion.

Use standard enthalpies of formation to calculate ΔHorxn for…

Use standard enthalpies of formation to calculate ΔHorxn for the following reaction.                              2 C8H3NO2 (l) + 3/2 O2 (g)  →    2 CO2 (g)   +  3 H2O (g)  +  N2(g)   Reactants or Products   C8H3NO2 (l)   O2 (g)   CO2(g)   H2O(g)   N2(g) ∆Hof (kJ/mol) -113.0 0 -393.5 -285.8 0 Mark your answer next to words “Final answer is”. You must follow significant figure rules.  Show your work here to receive full credit.