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1) In the current year H Ltd., an HST registrant, disposed of a passenger vehicle (cost $39,000; UCC $26,000) for $20,000. At the same time, H purchased a new passenger vehicle for $48,000 plus HST.... A portfolio is formed as follows: sell short $2,000 of security 1 and buy $3,000 of security 2, $2,000 of security 3, and $3,000 of security 4. the cash provided by the owner of the portfolio is... William Smith (age 50) is married; his wife Susan (age 45) is a lawyer, and her net income in the current year is $75,000. They have two children, Jeremy, 19 years old, and Jonathan, 17 years old.... On March 2, 2000, 3Com, a publicly traded provider of computer networkingproducts, sold 5% of its Palm subsidiary in an IPO. 3Com had a plan to distribute the remaining Palm shares to 3Com... Using the number on the table below determine the tax treatment to the partner who receives the distribution indicated, and then assuming the partnership has made a Section 754 election, determine... Gretchen, who lived in Calgary, entered into a contract with Matt, who lives in Edmonton. He paid $2500 to her at the outset and she promised that she would edit a book that he was in the process of... Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia,... Shr owns all the shares of Tar. Her basis in the Tar stock is $15, and her holding period is 2 years. Tar owns one asset, land with a fair market value of $100 in which Tars basis is $35. The land... Tom Wilson, a single taxpayer, is employed full-time as an engineer at ALT Technologies Inc. Tom and his brother, Bob, recently started their own business manufacturing and selling specialized tools...