The Inexplicable Mystery Into Essay Samples about Why I Choose Toattend College Uncovered

The Inexplicable Mystery Into Essay Samples about Why I Choose Toattend College Uncovered How to Choose Essay Samples about Why I Choose Toattend College Custom writing means a critical company with high standards. Many non-credit courses are offered for everyone who would like to enroll. It's been in practice for nearly 100 decades. Possessing an education is similar to drinking a glass of plain water. I think that education has an important part in people lives, especially mine. We are taught from an early age that education is the sole method to attain success. I'm going to college to be a dental assistant. Colleges publish lots and plenty of unique kinds of things, any of which is beneficial for research. Do things you've never done, give yourself an opportunity to be all that you are able to be, all that you would like to be. You would like to write about something which will cause you to stand out. Now things started to get really intriguing. The response is it depends on numerous factors. Every component of your essay must show what you would like and the way you want to attain that objective. By way of example, a why us essay might speak about how very interesting XYZ interdisciplinary project is and the way it fits nicely with your senior project. Sooner or later, the why college essay is about specifics! It's much more difficult to explain what sets apart a terrific essay from a mediocre one than it is to just read a prosperous sample essay. Quite simply, you wish to demonstrate that you and the school are on the very same page and that only thisschool can offer you exactly what you have to succeed. Concentrate on telling a story about how you decided what you would like to do and the way you mean to pursue your aims in college. The key lesson to take away here is that if you're truthful and genuine in your essay, it is going to be simple to write about. In the write-up, Percy begins by defining the term beautiful which as an issue of fact becomes the essential point in the whole article. Nonetheless, your essay is not likely to compensate for grades and test scores which are too far below average, since, first of all, the principal bases for evaluation are the quantitative facets of your application. Once you get a great topic idea, you're going to want to check to make certain it works. This section consists of two examples of very good college essays. How to pick a fantastic topic. Southwest presents many financial alternatives and scholarships for students. Moreover, University of Michigan's research program, one of the very best in the usa, will let me make discoveries and contributions as an undergraduate student. In addition to its growing cultural and ethnic diversity, State University is turning into a master at developing a niche for each and every student. Thus, it is not just the perfect place for me, it is the only place for me. High school is actually important to me and is something which I want to carry on doing. To get to know teachers that let me through high school is actually likely to be challenging to leave behind. My parents wanted a much better future for me, so I can look after myself. They are great, they never tell me to get a job, because they know that I have to much papers and exams at the top of my head. College will give a person the tools to be successful in the specialty of their selection. It will also assist in preparing a person for a career in a particular field. Colleges care about the quantities of acceptances deeply, so it can help to understand you're a sure thing. They always want to know why you are interested in attending their school.

Coastal Erosion Causes and Solutions Essay - 1874 Words

Levardis Smith Katherine Luce LR10 – Intro to Library Research 16 November 2010 Coastal Erosion: Causes and Solutions More than half the world’s population lives in coastal regions, and many people visit the coast frequently. Most come for seaside recreation, but some also wonder about the origins of coastal scenery. From the United States to Australia to the UK and back, our coastlines are disappearing and we have been trying to stop it. Up and down the United States coastline, residents are worried about undermined cliffs, vanishing beaches and houses toppling into the sea. The California coast, which has soft cliffs of sedimentary rock and is heavily populated, regularly has incidents of housing damage as cliffs erode. In†¦show more content†¦Relevance: Coastal scientists agree that berms will do nothing good other than satisfy the â€Å"do something† crowd. That’s why the decision sets such a terrible precedent. BP’s oil will assault the gulf, and possibly the Atlantic, for years. Many more decisions that turn on science lie ahead. No one is saying we have to launch a multiyear study before each one, but it would be nice to get the smartest coastal scientists and engineers around a table to hammer out what we know, what we don’t know, and what the risks and benefits of proposed actions are, rather than just winging it. Authority: Begley has received numerous awards for her work. In 2006, she won the American Aging Association Media Award for a series of columns on Alzheimers disease; in 2005, she won the Public Understanding of Science Award from the Exploratorium, the science museum in San Francisco and an Clarion Award from the Association for Women in Communications for her Science Journal column. In 2004, Begley received a Honorary Doctorate of Humane Letters for Contributions to the public understanding of science from the University of North Carolina. Purpose: To describe how BP had originally purposed to get rid of the oil and to stop the oil from tearing up the coastline. Search Method: Logged onto Newsweek and typed in Coastal Erosion; received 45 results. Narrowed search down by selecting from September ’09 to November ’10 in the dateShow MoreRelatedOverfishing Essay782 Words   |  4 Pagesconsuming supplies. Coastal management is defense against flooding and erosion, and techniques that stop erosion to claim lands. Both hard engineering and soft engineering are types of coastal management strategies. The reason for making use of these strategies is the need for protection of houses and buildings around coastal areas that can possibly be subject to harm by floods and erosion. 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The three main coastal environment processes that operate at Muriwai are Coastal Erosion, Coastal Transportation and Coastal Deposition. The elements that interact to produce natural processes are wind, waves and tides. Each phenomenon at Muriwais coastal geographic environment has been produced by interaction. Coastal Erosion is a process at MuriwaiRead MoreAustralia ´s Coastal Erosion Processes1070 Words   |  4 PagesCoastal erosion is an area of large concern for the residents of eastern Australia. Two regions that are heavily affected by erosion include the gold coast and the tweed coast. Erosion is caused when wind, tides, currents, and waves move sand causing beaches to constantly change their shape. Rising sea levels, storms, and human impacts result in a decrease in beach foreshore, and if proper measures are not taken beaches will eventually disappear. 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Hanover Point Alum Bay Alum Bay is situated on the west coast of the Isle ofRead MoreGlobal Warming : A Controversial Issue908 Words   |  4 Pageseverlasting rise in the standard temperature of earth due to widespread accumulation of carbon dioxide in the atmosphere, which ultimately forms a layer that traps heat and warms the planet. With the temperature rising, this causes the melting of the polar ice caps. Ultimately, this causes the sea levels to rise, which can threaten lives and the environment. According to Olutoyin Fashae and Olumide Onafeso, â€Å"global sea levels have been estimated to rise significantly.† The effect of sea level rising andRead More The Dangers of Coastline Changes Essay1390 Words   |  6 Pagesintervention represent a major concern for coastal planners all over the world. Coastline changes, not only has an effect on citizens who own property by the seaside, it also has a major effect on our business here at McDuff. 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Principal Ethical Philosophies Samples †MyAssignmenthelp.com

Question: Discuss about the Principal Ethical Philosophies. Answer: Introduction: The importance of ethics in business can never be overstated. There is no gain stating the fact that organizational success of a company is not merely determined by the financial statements. Rather, the organizational culture or themanagement philosophy plays an integral role in determining the long-term sustenance of a company. Hence, the moral vision of a company should always be taken into serious consideration. There are two principal ethical philosophies that are usually applied to the business organizations worldwide- Utilitarianism and Deontology (Carroll and Buchholtz 2014). However, the very philosophy underpinning the two theories are highly distinct and contradictory to each other. While on the one hand, Utilitarianism determines the goodness of an action, based on its ability to produce consequences for the greatest number of people, Deontology states that the moral goodness of an action is heavily dependent on its intrinsic value. In other words, even if the end result i s not desirable, the action must be guided by a good motive, and the morality lies in the motive rather than the end result. Any business organization is guided by a set of ethical rules and principles that allow it to safeguard the company from various unethical principles (Bowie 2017). Hence, accordingly it is important to analyze the best ethical practice that the business organizations should adopt in todays world. Discussion: Before analyzing which of the two ethical philosophies can help in enhancing the profitability of a company, it is important to develop an understanding of the two ethical theories in the first place. First of all, as far as Utilitarianism is concerned, the ethical theory was introduced by J. S Mill and others, who believed that the morality of an action is heavily reliant on its ability to maximize the overall utility, and promote maximum welfare (Valentinov 2017). The end should justify the means, and the means will barely matter in case of this ethical theory. Accordingly, as per Utilitarianism, even if a pharmaceutical company is well-aware of the fact, that its drug is producing considerable side-effects for a group of people, it will still continue with its production, as the major group of consumers will be able to cure disease without any side-effect. Thus, this particular theory takes up a consequentialist approach and intends to achieve maximum welfare. On the other hand, D eontologist view states that even if the ultimate end of an action is morally desirable, an action may still not be morally just. An action is ethically correct if the doer has a moral purpose behind it, and as such even if the outcome is not desirable, the action should be encouraged, on ground of morality (Vadastreanu et al. 2015). In this connection, it would be interesting to draw the example of a Marijuana drug seller Eddy Lepp, who produced a distinct drug made from Marijuana that had soothing effects on the nausea problems of the Cancer patients. However, the action was also breaking the law of North California, as marijuana was regarded as an addictive drug. Yet since the drug was introduced with the purpose of relieving the Cancer patients, the non-compliance of Lepp with the regulatory framework of the government of the country would be seen as a moral alternative (Swenson 2016). However, the question still remains that if an organization decides to adhere to moral values, which ethical philosophy should it choose. While discussing about the best moral course of action, it is important to consider the factors which would encourage an organization behave in a morally just way. First of all, once an organization decides to act morally, it can ensure easily value the priorities of the stakeholders- especially the consumers and the employees, which in turn would ensure greater goodwill and higher profitability. A morally strong decision helps an organization enhance its brand recognition, develop customer loyalty, increase employee engagement and ultimately improve its financial position. Considering this, it should be important to understand which of the two above discussed ethical approaches can best serve the needs of the business. The Utilitarianism approach is one where the business tends to be driven by the profit motive. Since the company would aim to achieve the best possible end, often organizations following this approach, would tend to focus on the long-term end, that is the annual profi t, while overlooking the ethical questions in the process (Marques 2015). An organization dealing with cloth retail stores, may instantly decide to quit operating business via the physical stores, and quickly choose to move to the online stores. Now, as per the theory of Utilitarianism, this is highly desirable as it would help in ensuring customer convenience, as well as generating huge profit for the administrative and managerial employees, as well as offering high returns to the investors as well. However, the decision may not be ethically justified as it would eventually lead to the elimination of jobs, and would result in unemployment for a large number of people. However, since Utilitarianism would consider the end result, this decision would be morally permissible, as it would help in boosting the sales growth of the organization, assuring the existent stakeholders of maximum profit and return on investment. The company would tend to overlook the harm it does to a small set o f people, by highlighting the good done to a larger number of people. However, despite the fact that it has helped in maximizing welfare for a large number of people the action cannot be considered to be a morally just. This is because a morally right action would never land, even a small number of people, in unemployment problem. On the other hand, when a business organization intends to follow the Deontological approach, it will aim at ensuring overall well-being, without looking at the consequence. Accordingly, even if the end may not be as profitable as expected, its motive will remain morally justified. Once the very motive is true, it is easier for an organization to sustain itself in future (Sacco et al. 2017). For example, an organization may face intense competition from its rival brands, and hence in order to stay in the competition, it starts offering cheaper and yet low quality products to its consumers at cheaper rates. Initially, it might happen that larger number of customers is buying products from this company, simply owing to its low price strategy. However, since the quality itself is not good, the company will not be able to sustain its competitive position for a long period of time. This is exactly the reason why a good motive was essential here. In case, the organization had a good motive , it would have never be driven by the end result of making higher profit, and would have remained mindful of its own vision-to serve its customers better. As a result, the company would have been able to retain its goodwill as a producer of good quality products in the long run. As and when an organization decides to conduct business staying true to its motive, it can easily develop its business in future. However, when the business is driven by the consequentiality of the issue, it might overlook the ethical obligations it has towards its own stakeholders. This will tend to impede the long-term sustainability of the company (Murphy 2016). This is simply the reason why Deontology as an ethical approach is preferred by many. Another example may be used to illustrate this point. Owing to the sudden increasing gas prices, the then president of Ford, Lee Iaccoca modeled the Ford Pinto, as he wished to rush it into production to compete with the Japanese manufacturers in producing fuel efficient smaller cars. Although during the testing phase, it was being observed that the positioning of the gas tank in the rump of the car left it vulnerable to collisions in rear-end of the car, the fact was dismissed by the company. The reason behind dismissing such an important fact was that the management authority of Ford was driven by a Utilitarianism ethical principle. It was being concluded that since the production of a fuel-efficient car was able to result in greater customer satisfaction, higher return on investments and increased financial revenue, the company could easily do away with its moral responsibility of ensuring consumer safety. While the motive of a car company should have been to ensure safe, high quality cars, Ford miserably failed to adopt a morally sound motive. Now, regardless of the morality question, the consequence of entirely dismissing the importance of working with a good motive, was too hard. In fact, over the following ten years, as many as sixt y people were died in fiery accidents, and needless to state that the consumers became aware of the price they would have to pay if they continue buying this model. This undoubtedly ruined the reputation of the company as well. It is clearly evident that there lies a great danger in applying utilitarianism to business. An organization may be focused on the larger picture, and in the process overlook a crucial factor that can threaten the sustainability of the company in the long run (Gawronski and Beer 2016). On the other hand, Deontological approach is completely based on a set of moral values and ideas, and it is its strong adherence to the same, that will prevent the company from taking a step that will threaten its sustainability in future (Xu et al. 2016). Conclusion: A company driven by the deontological approach will tend to perform the right simply because it is the moral duty of any individual or entity to do the right thing, regardless of the fact whether the ends are favorable or unfavorable. Performing the moral duty is the most important thing as per this approach. Yet one of the drawbacks of this approach is that it tends to undermine the importance of outcome, which can however, threaten the revenue earning capacity of the company (Conway and Gawronski 2013). An organization in order to thrive in a highly competitive market must ensure that it is able to adopt competitive strategies that can help it gain a competitive edge over the other companies. Often companies require reducing the product prices so as to outrival the competition, and the low-price strategy can be profitable when the company does agree to compromise with the quality or quantity of the product (Tenenbaum 2016). Although compromising with safety, as in the case of Ford, is highly unacceptable, yet the company has to be discreet enough where it must adopt strategies that can enhance the profitability, regardless of the morality of the intent. In case an organization is too focused on well-being of each stakeholder, it might end up ruining its own chances of earning huge amount of revenue, which might be compliant with the ideal of a non-profit seeking company, but not a profit-seeking company. There can be no gain stating the fact that deontological approach is the most desirable approach that ensures the equal treatment of each stakeholder, and yet it should be remembered that at times, the approach can appear to be too impractical to be of any use to the managers. On the other hand, since utilitarianism focuses more on the consequence, it pays keen attention to the profitability it helps business managers to make discreet business decisions (Jackson and Smith 2016). To conclude, the idea of business ethics is a new one, and any organization that intends to survive in a competitive market, must adopt an ethical approach to sustain for a long period of time. This, in fact, is precisely the reason more and more organizations are engaging themselves in corporate social responsibility acts. After critically analyzing as well as evaluating both the ethical approaches, it can be said that though both have its drawbacks and benefits, Deontology is far better an ethical theory when needs to be applied to any business practice. Despite its negligence of the end result, it should be remembered that if the business intent is good, an organization will be able to ensure profit in the long run, if not immediately. Deontology, unlike Utilitarianism, strives to enhance equality amongst employees and ensure overall satisfaction of all the stakeholders concerned. Utilitarianism can easily justify employee exploitation or customer deception as part of its strategy for doing good for the larger group, and hence cannot be deemed to be the better alternative. References: Bowie, N.E., 2017.Business ethics: A Kantian perspective. Cambridge University Press. Carroll, A. and Buchholtz, A., 2014.Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Conway, P. and Gawronski, B., 2013. Deontological and utilitarian inclinations in moral decision making: a process dissociation approach.Journal of personality and social psychology,104(2), p.216. Gawronski, B. and Beer, J.S., 2016. What makes moral dilemma judgments utilitarian or deontological?.Social neuroscience, pp.1-7. Jackson, F. and Smith, M., 2016. The implementation problem for deontology.Weighing reasons, pp.279-291. Marques, J., 2015. Universalism and Utilitarianism: An Evaluation of Two Popular Moral Theories in Business Decision Making.The Journal of Values-Based Leadership,8(2), p.3. Murphy, S.P., 2016. Contemporary Philosophical Faces of Deontology and ConsequentialismJohn Rawls and Peter Singer. InResponsibility in an Interconnected World(pp. 61-87). Springer International Publishing. Sacco, D.F., Brown, M., Lustgraaf, C.J. and Hugenberg, K., 2017. The adaptive utility of deontology: deontological moral decision-making fosters perceptions of trust and likeability.Evolutionary Psychological Science,3(2), pp.125-132. Swenson, P., 2016. Subjective Deontology and the Duty to Gather Information.Ethics,127(1), pp.257-271. Tenenbaum, S., 2017. Action, Deontology, and Risk: Against the Multiplicative Model.Ethics,127(3), pp.674-707. Vadastreanu, A.M., Maier, D. and Maier, A., 2015. Is the Success Possible in Compliance with Ethics and Deontology in Business?.Procedia Economics and Finance,26, pp.1068-1073. Valentinov, V., 2017. The Rawlsian critique of utilitarianism: A Luhmannian interpretation.Journal of Business Ethics,142(1), pp.25-35. Xu, Z.X. and Ma, H.K., 2016. How can a deontological decision lead to moral behavior? The moderating role of moral identity.Journal of Business Ethics,137(3), pp.537-549.

Past Exams Essay Example

Past Exams Essay This examination is based on the Canadian Income Tax Act with Regulations (CCH 92nd Edition). Round all calculations to the nearest dollar, except price per share. The following items, applicable to the 2011 taxation year, are provided for reference: Federal Income Tax Rates — 2011 2011 Taxable Income Up to $41,544 $41,545 – $83,088 $83,089 – $128,800 $128,801 and over Personal Tax Credits 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.Federal Marginal Tax Rate 15% 22% 26% 29% 2011 Single status — basic personal amount (paragraph 118(1)(c)). $ 1,579 Spouse or common law partner amount (paragraph 118(1)(a)) 1,579 Eligible dependant (paragraph 118(1)(b)) Same as for spouse or common-law partner in (2) above. Infirm dependants 18 years of age or older (paragraph 118(1)(d)) . 42 The credit is reduced if dependant’s net income exceeds .. 6,076 Age amount — taxpayer is 65 years of age or over (subsection 118(2)) . 981 Child amount (paragraph 118(1) (b. 1) — each child under 18 320 Canada employment amount (paragraph 118(10) – lesser of 15% of employment income for the year and 160 Medical expenses credit (subsection 118. (1)) The threshold is the lesser of 3% of net income and . 2,052 Mental or physical impairment (subsection 118. 3(1)) . 1,101 Caregiver — parent/grandparent (maximum) (paragraph 118(1)(c. 1)) . 642 14,624 The credit is reduced if dependant’s net income exceeds ..Education credit for each qualifying month — full-time (paragraph 118. 6(2)(a)) . 60 Education credit for each qualifying month — part-time (paragraph 118. 6(2)(b)) 18 Textbook credit for each qualifying month — full-time (paragraph 118. 6(2. 1)(a)) 10 Textbook credit for each qualifying month — part-time (paragraph 118. 6(2. 1)(b)) . 3 Continued ETX1M12  ©CGA-Canada, 2012Page 1 of 8 Marks 30 Question 1 Select the best answer for each of the following unrelated items. Answer each of these item s in your examination booklet by giving the number of your choice. For example, if the best answer for item (a) is (1), write (a)(1) in your examination booklet. If more than one answer is given for an item, that item will not be marked. Incorrect answers will be marked as zero. Marks will not be awarded for explanations. Note: 2 marks each a. Which of the following institutions is responsible for the development and evaluation of taxation policy in Canada? ) 2) 3) 4) Canada Revenue Agency (CRA) Minister of National Revenue Department of Finance Tax Court of Canada b. Wong received $850 as a dividend from a U. S. corporation. This dividend is net of 15% withholding tax. What amount needs to be included in income? 1) 2) 3) 4) c. $ 850 $1,000 $1,225 $1,441 Which of the following statements is true? 1) 2) 3) 4) An attempt to deceive by omitting revenue is an example of tax avoidance. The basic concept behind tax planning arrangements involves the deferral of tax payments. Tax evasion i s only enforced under civil law. The tax benefit that results from an avoidance transaction is allowed. . Abdul worked for a CCPC for the last 5 years. On January 1, 2009, he was granted an option to buy 100 shares of the company for $15 each when the market value was $14 each. He exercised his option on June 1, 2009, when the market price was $18 per share. He sold his shares at $20 per share on December 1, 2010. What will be Abdul’s employment income in 2009 based on this transaction? 1) 2) 3) 4) e. $ 0 $200 $400 $600 Which of the following properties gives rise to a capital loss on disposal? 1) 2) 3) 4) Eligible capital property Timber resource property Canadian resource properties Collection of stampsContinued ETX1M12  ©CGA-Canada, 2012 Page 2 of 8 f. Martin disposed the following properties in 2011: Proceeds of Disposition Rare book Diamond ring Laptop computer $ 7,000 4,000 700 Adjusted Cost Base $ 1,000 800 1,500 Selling Expenses $ 2,000 — — What is the net taxable capital gain for 2011 from these transactions? 1) 2) 3) 4) $3,000 $3,500 $8,400 $9,200 g. Which of the following statements is true about non-capital losses carryovers incurred after 2005? 1) 2) 3) 4) They can be carried back to 3 years and carried forward to 20 years. They can be carried back to 3 years and carried forward to 10 years.They can be carried back to 7 years and carried forward to 20 years. They can be carried back to 3 years and carried forward indefinitely. h. Sacha owned two residential properties. He lived in both properties on a regular basis. He sold both properties on January 21, 2011. Date of Purchase City home Cottage 2003 2009 Cost $ 300,000 100,000 Selling Price $ 390,000 145,000 What will be his minimum total taxable capital gain on the disposition of the two residences? 1) 2) 3) 4) i. $ 5,000 $ 10,000 $ 20,000 $135,000 Which of the following is not a Division C deduction? ) 2) 3) 4) Employee stock option deduction Capital gain deduction Social assistance receipts RRSP deduction j. Which of the following types of income cannot be earned by a corporation? 1) 2) 3) 4) Active business income Specified investment business income Employment income Personal services business income k. John contributed $600 to a candidate for election to the House of Commons and $400 to a candidate for election to city hall. What is the maximum federal political tax credit he can claim? 1) 2) 3) 4) $400 $475 $558 $650 Continued ETX1M12  ©CGA-Canada, 2012 Page 3 of 8 l. The following information is about AB Ltd. Taxable income Manufacturing and processing (MP) profit Aggregate investment income Income subject to small business deduction What is the MP profit deduction (assume a rate of 11. 5%)? 1) 2) 3) 4) $ 0 $13,800 $51,750 $57,500 $ 500,000 $ 450,000 $ 10,000 $ 330,000 m. Kamal moved to Canada on June 1, 2005, from a country that has no tax treaty with Canada. When he immigrated, he owned shares of a publicly listed company. He purchased thes e shares in 2001 at a cost of $1,000. The market value of these shares was $1,500 on June 1, 2005. Kamal sold these shares on June 1, 2011, for $2,000.What will be his taxable capital gain? 1) 2) 3) 4) $ 0 $ 250 $ 500 $ 1,000 n. Which of the following statements is not correct regarding the capital dividend account (CDA)? 1) The purpose of the CDA is to complete integration of corporate and personal income tax on capital gains and similar receipts. 2) The intent of the CDA is to ensure that the tax result to the shareholder is approximately the same as if the shareholder has earned or received the income directly. 3) Both public and private corporations can have a CDA. 4) Capital gains and receipts before January 1, 1972, cannot be part of a CDA. . In the year of immigration or emigration, some of the personal tax credits of the taxpayer are prorated. This calculation is based on the number of days that the individual stayed in Canada. Which of the following credits is not prorated? 1) 2) 3) 4) Age credit Basic personal credit Disability amount First-time home buyers credit Continued ETX1M12  ©CGA-Canada, 2012 Page 4 of 8 45 Question 2 New Look Inc. , a Canadian-controlled private corporation (CCPC), operates a manufacturing business. Financial statements for the year ended December 31, 2011, reported a net income before taxes of $208,000.You have been retained to determine the corporation’s income tax liability and provide advice on other tax matters. You have gathered the information outlined in Exhibit 2-1. Required 30 a. Under Part I of the Income Tax Act, calculate New Look’s minimum net income for tax purposes and minimum taxable income for the 2011 taxation year. 13 b. Based on your answer to part (a), calculate the minimum Part I and Part IV federal income tax, and refundable dividend tax on hand (RDTOH) for the 2011 taxation year (ignore surtaxes and do not calculate the general rate reduction). . The integration of corporate and indiv idual taxation is very important. What are the two major tools for integration used in the Income Tax Act for the individual shareholders of all taxable Canadian corporations? 2 EXHIBIT 2-1 NEW LOOK INC. 2011 Financial Information 1. New Look’s net income for tax purposes is summarized as follows: Income from operations Loss for the sale of assets Rental income Interest income Dividend income — GG Inc. $ 200,000 (15,000) 10,000 4,000 9,000 $ 208,000 2. New Look owns 9% of the outstanding shares of GG Inc. a CCPC. In 2011, GG earned active business income of $390,000 and received a dividend refund of $15,000 from its 2011 dividend. 3. A review of New Look’s 2010 corporate tax return provides the following information: Capital dividend account Cumulative eligible capital RDTOH Undepreciated capital cost: Class 1 Class 17 Class 43 $ 10,000 NIL NIL 150,000 25,000 60,000 4. On July 1, 2011, New Look purchased a franchise for $150,000 to operate a retail store. The fr anchise has a 5-year term plus two renewable 5-year option periods.On January 1, 2011, New Look sold one of its retail stores for $330,000 (land $100,000; building $200,000; and goodwill $30,000). This store was acquired in 2005 for $250,000 (land $90,000 and building $160,000). On January 1, 2011, New Look leased new office space and spent $30,000 to develop and renovate the office. This lease is for 5 years plus two 5-year renewable option periods. Continued ETX1M12  ©CGA-Canada, 2012 Page 5 of 8 EXHIBIT 2-1 (Continued) 5. New Look’s income statement for the year ended December 31, 2011 included the following: Amortization Travelling cost to egotiate the franchise purchase Interest on late payment of tax instalment Reserve for possible sales return Payroll benefits Paving the parking lot of storage area Amount paid to a collection agency to recover delinquent accounts receivable Administrative expenses Legal expenses Development expenses $ 17,000 2,745 1,000 4,000 40,000 10,000 3,000 25,000 10,000 5,000 6. Administrative expenses included a $1,000 premium on life insurance for the company’s president (his spouse is beneficiary) and a $9,000 premium on group term life insurance for the employees. 7.Legal expenses included $2,000 for drafting the franchise agreement, $4,000 for drafting a buy/sell agreement among the shareholders, and a $4,000 annual audit fee. 8. Development expenses included $1,400 for the cost of software and $1,600 for small tools, each costing less than $200. 9. Travel expenses included a payment of $5,600 ($0. 56 per kilometre) to an employee as a car allowance. This employee used his personal car for business purposes. 10. The company paid $1,000 for the purchase of football game tickets for clients. 11. No dividend was declared in 2011.Continued ETX1M12  ©CGA-Canada, 2012 Page 6 of 8 25 Question 3 Jane is employed by Bayshore Inc. , a CCPC in the paper manufacturing industry. She has requested your assistance in prepa ring her 2011 income tax return. Information regarding Jane’s financial activities for 2011 is outlined in Exhibit 3-1. Selected information from her 2010 return is provided in Exhibit 3-2. Required 19 a. Calculate Jane’s minimum net income for tax purposes in accordance with the format of Section 3 of the Income Tax Act, and her minimum taxable income for the 2011 taxation year. 6 b.Based on your answer to part (a), calculate Jane’s minimum federal income tax for the 2011 taxation year. Show all calculations. EXHIBIT 3-1 JANE 2011 Financial Information 1. In 2011, Jane’s salary from Bayshore was $70,000. From this salary, Bayshore deducted income tax of $13,000, and CPP and EI of $3,005. The company contributed $5,000 directly to Jane’s personal RRSP account. Bayshore also paid the $900 premium for private medical insurance. 2. On January 1, 2011, Jane borrowed $15,000 interest free from the company. She used $10,000 to buy an automobile for her s pouse and $5,000 to purchase shares of ABC Public Limited.CRA’s prescribed rate for all 4 quarters of 2011 was 5%. This loan was still outstanding at the end of the year. 3. Jane attended a one-day sales convention related to her job. Bayshore paid the $1,000 cost of the convention. This cost included the price of lunch provided at the convention. 4. During the year, Jane used the company-provided automobile. She used the car for personal purposes and paid $4,000 to the company for the total operating cost for this year. The monthly lease cost of $850 was paid by the company. 5. In January 2011, Jane purchased a condominium for $160,000 for rental purposes.In 2011, she received rents of $11,000. The December rent of $1,000 was not received by the end of January. She incurred condominium fees and mortgage interest of $9,000. 6. Jane sold a bond in March 2011 for $20,400. This amount included $400 interest for the period of October 1, 2010 to March 31, 2011. Jane purchased this bond on October 1, 2010 for $19,000. 7. In November 2011, Jane received $1,145 on the maturity of a 2-year GIC. This amount included an initial investment of $1,000 invested at the rate of 7% per annum compounded for 2 years. 8.Jane had the following other receipts and disbursements in 2011: Income tax return fee paid by the employer Dividend received from a foreign public company — net of 10% withholding tax RRSP contribution to her spouse’s account Tax-free savings account (TFSA) contribution Safety deposit box fee Life insurance premiums $ 200 1,800 7,000 5,000 100 1,200 9. Jane is married and has one child (age 4). Her spouse had net income of $90,000 in 2011. During the year, the couple paid $8,000 for daycare expenses for the child. The child credit was claimed by Jane. ContinuedETX1M12  ©CGA-Canada, 2012 Page 7 of 8 EXHIBIT 3-2 E Select 2010 Can ted ntax Schedules e 1 00 END OF EXAMINATION E ETX1M12  ©CGA A-Canada, 201 12 Pa 8 of 8 age PERSONAL CORPORATE T AXATION [TX1] EXAMINATION TX1 Before starting to write the examination, make sure that it is complete and that there are no printing defects. This examination consists of 8 pages. There are 3 questions for a total of 100 marks. READ THE QUESTIONS CAREFULLY AND ANSWER WHAT IS ASKED. To assist you in answering the examination questions, CGA-Canada includes the following glossary of terms.Glossary of Assessment Terms Adapted from David Palmer, Study Guide: Developing Effective Study Methods (Vancouver: CGA-Canada, 1996). Copyright David Palmer. Calculate Mathematically determine the amount or number, showing formulas used and steps taken. (Also Compute). Examine qualities or characteristics that resemble each other. Emphasize similarities, although differences may be mentioned. Compare by observing differences. Stress the dissimilarities of qualities or characteristics. (Also Distinguish between) Express your own judgment concerning the topic or viewpoint in question.Discuss both pros and cons. Clearly state the meaning of the word or term. Relate the meaning specifically to the way it is used in the subject area under discussion. Perhaps also show how the item defined differs from items in other classes. Provide detail on the relevant characteristics, qualities, or events. Create an outcome (e. g. , a plan or program) that incorporates the relevant issues and information. Calculate or formulate a response that considers the relevant qualitative and quantitative factors. Give a drawing, chart, plan or graphic answer. Usually you should label a diagram.In some cases, add a brief explanation or description. (Also Draw) This calls for the most complete and detailed answer. Examine and analyze carefully and present both pros and cons. To discuss briefly requires you to state in a few sentences the critical factors. This requires making an informed judgment. Your judgment must be shown to be based on knowledge and information about the subject. (Just stating your own ideas is not sufficient. ) Cite authorities. Cite advantages and limitations. In explanatory answers you must clarify the cause(s), or reasons(s).State the â€Å"how† and â€Å"why† of the subject. Give reasons for differences of opinions or of results. To explain briefly requires you to state the reasons simply, in a few words. Identify Distinguish and specify the important issues, factors, or items, usually based on an evaluation or analysis of a scenario. Illustrate Make clear by giving an example, e. g. , a figure, diagram or concrete example. Interpret Translate, give examples of, solve, or comment on a subject, usually making a judgment on it. Justify Prove or give reasons for decisions or conclusions.List Present an itemized series or tabulation. Be concise. Point form is often acceptable. Outline This is an organized description. Give a general overview, stating main and supporting ideas. Use headings and sub-headings, usually in point form. Omit minor details. Prove Establish that something is true by citing evidence or giving clear logical reasons. Recommend Propose an appropriate solution or course of action based on an evaluation or analysis of a scenario. Relate Show how things are connected with each other or how one causes another, correlates with another, or is like another.Review Examine a subject critically, analyzing and commenting on the important statements to be made about it. State Clearly provide a position based on an evaluation, e. g. , Agree/Disagree, Correct/Incorrect, Yes/No. (Also Indicate) Summarize Give the main points or facts in condensed form, like the summary of a chapter, omitting details and illustrations. Trace In narrative form, describe progress, development, or historical events from some point of origin. Explain Compare Contrast Criticize Define Describe Design Determine Diagram Discuss EvaluateCGA-CANADA PERSONAL CORPORATE TAXATION [TX1] EXAMINATION March 2012 SUGGESTED SOLUTIONS Marks 30 Question 1 No te: 2 marks each Time: 3 Hours Sources/Calculations: a. 3) Topic 1. 1 (Level 1) b. 2) Topic 5. 3 (Level 1) c. 2) Topic 1. 3 (Level 1) d. 1) Topic 2. 5 (Level 1) e. f. 4) Topic 6. 2 (Level 1) 2) Topic 6. 4 (Level 1) 1/2 {[7,000 – (1,000 + 2,000)] + (4,000 – 1,000 deemed)} = $3,500 g. 1) Topic 7. 2 (Level 1) h. 1) Topic 6. 5 (Level 2) 1/2 {$90,000 – [(1 + 7) / 9 ? 90,000]} = $5,000 i. j. 4) Topic 7. 1 (Level 1) 3) Topic 8. 2 (Level 1) k. 1) Topic 7. (Level 1) ($400 ? 75%) + ($200 ? 50%) = $400 l. 2) Topic 8. 5 (Level 2) 11. 5% (450,000 – 330,000) = $13,800 m. 2) Topic 10. 1 (Level 1) ($2,000 – $1,500) ? 1/2 = $250 n. 3) Topic 9. 4 (Level 1) o. 4) Topic 10. 1 (Level 1) Continued STX1M12  ©CGA-Canada, 2012 Page 1 of 4 45 30 Question 2 a. Minimum net income for tax purposes and taxable income Net income per financial statements Add (Deduct): Loss on sale of assets Taxable capital gains: Land — (1/2) (100,000 – 90,000) Building — ( 1/2) (200,000 – 160,000) CCA — Class 14 — (150,000 + 2,745 + 2,000) ? 184 / (365 ? ) CCA — Class 13 — Lesser of: 1/2 (1/5) (30,000) 1/2 (30,000) / (5 + 5) CCA — Class 17 — 8% (25,000) + 1/2 (8%) (10,000) CCA — Class 12 — 100% (1,600) + 100% (1/2) (1,400) CCA — Class 43 — 30% (60,000) CEC Income — 2/3 (3/4) (30,000) Recapture — Class 1 — (160,000 – 150,000) Amortization Interest on late payment of tax instalment Reserve for sale returns Paving parking lot — capital Life insurance on president Travel expenses to sign franchise agreement — capital Legal — shareholder agreement Software — capital Small tools — capital Allowance $5,600 – [($0. 2 ? 5,000 km) + ($0. 46 ? 5,000 km)] Sports tickets — 50% (1,000) Legal fee franchise — capital Net income for tax purposes Deduct: Taxable dividends Taxable income Note: The 2 marks for ne t income for tax purposes are reduced if items that should be excluded from the calculation are incorrectly included, such as payroll benefits, amount paid to collection agency, group term life insurance, and audit fee. $ 208,000 15,000 5,000 20,000 (15,602) $3,000 $1,500 (1) (1) (1) (2) (2) (2) (2) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (2) (1) (1) (2) (1) 1,500) (2,400) (2,300) (18,000) 15,000 10,000 17,000 1,000 4,000 10,000 1,000 2,745 4,000 1,400 1,600 700 500 2,000 279,143 (9,000) $ 270,143 Continued STX1M12  ©CGA-Canada, 2012 Page 2 of 4 13 b. Federal tax Part I tax Basic rate — 38% ? $270,143 Abatement — 10% ? $270,143 $ 102,654 (27,014) 75,640 $ 231,143 270,143 500,000 (39,294) (1) Small business deduction (SBD) — 17% ? least of: Active business income 1 Taxable income Business limit 17% ? 231,143 Additional refundable tax on investment income — 62/3% ? esser of: Aggregate investment income — TCG (25,000) + Rent (10,000) + Inter est (4,000) Taxable income less amount on which SBD is computed (270,143 – 231,143) 62/3% ? 39,000 1 (3) $ 39,000 39,000 2,600 $ 38,946 $ 279,143 (25,000) (10,000) (4,000) (9,000) $ 231,143 (3) Active business income: Net income for tax purposes Deduct: Taxable capital gain Rent Interest Dividends (2) Part IV tax (1) GG — not connected — 331/3% ? 9,000 RDTOH (1) Opening Part IV tax Refundable portion of Part I tax — least of: 262/3% ?Investment income (39,000 above) 262/3% ? Taxable income less amount on which SBD is computed (270,143 – 231,143) Part I tax $ 3,000 $ 0 3,000 $ 10,400 10,400 38,946 (2) 10,400 $ 13,400 2 c. The two main tools that apply to individual shareholders of all Canadian corporations are the gross-up of dividends and tax credit procedure. Continued STX1M12  ©CGA-Canada, 2012 Page 3 of 4 25 19 Question 3 a. Net income for tax purposes and taxable income Section 3 (a) Employment income: Salary Benefit — contribution to RRSP Auto — standby charge — 2/3 (850 ? 2) Interest-free loan benefit — 5 % (15,000) Meals (convention) — (50 % ? 50 deemed) Tax return preparation fee Property income: Rental property — rents (11,000 + 1,000) Deduct — operating expenses CCA — Class 1 — 4% (1/2) (160,000) = 3,200; Limit Interest on bond GIC interest (145 – 70) Foreign dividend — (1,800 + 200) Deduct — Interest expense — 5% (5,000) Safety deposit fee Section 3 (b) $ 70,000 5,000 6,800 750 25 200 82,775 12,000 (9,000) 3,000 (3,000) 0 400 75 2,000 (250) (100) (350) 2,125 84,900 (1) (1) (1) (1) (1) 1) (1) (2) (1) (1) (1) (1) (1) (1) Taxable capital gains: Bond — 1/2 (20,000 – 19,000) Section 3 (c) 500 500 85,400 (1) (1) (2) Other deductions Childcare — least of 7,000; 8,000 actual; 2/3 (82,775) = 55,183 RRSP (Cantax) Net income for tax purposes and taxable income Note: 11,000 (7,000) (11,000) $ 67,400 The 2 marks for net income for tax purposes is reduced if items that should be excluded from the calculation are incorrectly included, such as private medical insurance, life insurance premium and TFSA contribution.The mark is also deducted if items are misclassified within Section 3 of the Income Tax Act. 6 (1) b. Federal tax $ 41,544 ? 15% 25,856 ? 22% $ 67,400 Tax credits $ 6,232 5,688 11,920 (1) (1) (1) (1) (1) Individual (15% ? 10,527) Child amount — (15% ? 2,131) Canada employment amount (15% ? 1,065) CPP and EI — (15% ? 3,005) Foreign tax credit (1,579) (320) (160) (451) (200) $ 9,210 100 END OF SOLUTIONS  ©CGA-Canada, 2012 Page 4 of 4 STX1M12 CGA-CANADA PERSONAL CORPORATE TAXATION [TX1] EXAMINATION March 2012 EXAMINER’S COMMENTSGeneral Comments The overall examination results were satisfactory. Most students were able to complete the examination within the designated time period. Students had some difficulty with the multiple-choice questions. The majority of the st udents were very comfortable with the personal tax credit calculations but they had difficulty with determining employment income and property income. For the tax examination, it is very important that students show all their